<Alberta, Canada>

for the13 th FP

Asset Management Report
From July 1, 2023 to December 31, 2023

Canadian Solar Infrastructure Fund, Inc
2-1-1 Nishi-Shinjuku, Shinjuku-ku,
Tokyo 163-0443 Japan
https://www.canadiansolarinfra.com/en/

Contents

Cleaner Energy
for the Next
Generation

01

To Our Investors

02

Financial Highlights

03

Track Record of Consistent External Growth04

Canadian Solar Group05

Unique Aspect of the Fund

06

Management Interview

08

To Carbon Neutrality

10

Effort in ESG

12

Portfolio

13

Portfolio Overview

16

Growth Policy

18

Financial Summary/Information for Unitholders

19

Asset Management Report

58

Balance Sheet

60

Statement of Income

61

Statement of Changes in Unitholders’ Equity

62

Notes

71

Statement of Cash Distribution

72

Statement of Cash Flow

Feature Story
ESG finance andJapan’s carbon
neutrality policies
To Our Investors
On behalf of the Canadian Solar Infrastructure Fund, Inc. (hereinafter referred to as “CSIF”), I would
like to express sincere appreciation to all unitholders for their continued patronage and support.
CSIF hopes to contribute to the spread of renewable energy with consideration for the global
environment, aiming to build a sustainable economy and society in the region through efficient
operations utilizing the Canadian Solar Group’s vertical integration model.
In pursuit of these initiatives, we expect the continued understanding and support of all unitholders.
Executive Director, Canadian Solar Infrastructure Fund, Inc.
CEO and Representative Director, Canadian Solar Asset Management K.K.

Hiroshi Yanagisawa

P9

Financial Highlights

Track Record of Consistent External Growth

Key Indicators for the 13th FP

As of December 31, 2023

CSIF continues to aim for growth with a new mid-term target of JPY 200 billion yen in asset size, while diversifying its portfolio with a focus on
solar power plants, of which the Canadian Solar Group has expertise.

13th FP(ended Dec. 2023)

12th FPStatement of Income Data
(million yen)

ActualForecast@
Aug.17, 2023

3,452

Operating revenues

4,472

ActualIncrease / (Decrease)(vs Forecast) rack Record of Consistent External Growth and Target of asset size (acquisition priceTbasis)
Third PO + 13th FP acquisitions

65

4,537

Operating income

1,156

1,665

1,846

181

Income before income taxes

1,003

1,148

1,386

238

Net income

1,003

1,147

1,385

238

Distribution per unit
(including distributions in excess of earnings)

3,750 yen

3,750 yen

3,750 yen—

Distributions per unit
(excluding distributions in excess of earnings)

2,595 yen

2,539 yen

3,067 yen

528yenDistributions in excess ofearnings per unit

1,155 yen

1,211 yen

683 yen(528) yen

Third PO

CO2 Reduction (From Oct 2017 to Dec 2023)

55,735,463 kg-co

2

CS Fukuyama-shi CS Shichikashuku CS Miyako-machi
PP-machi PP
Saigawa PP(JPY100
Million)
1,000

2

31 PV Facilities

Total Acquisition Price

JPY

97.0 bn

CS Yamaguchi-shi
Power Plant

First PO

Second PO

13 projects / 72.7 MW

3 projects / 30.3 MW

2 projects / 60.9 MW
170.1 970.1

800

115.3 426.2 13.2 439.4

800.0

800.0

800.0

800.0

485.1 8.8 494.0

45.6 485.1

301.0 9.9 310.9

2000Panel Output of AUM

226.4 MWCS Kama-shi PP

IPO acquisitions

IPO(Oct. 2017)# of Projects

CS Kasama-shi
Dai-san PP

305.9 800.0

400454,770,522 kg-co

1 projects / JPY0.2 bn /1.1 MW

2,000

600

CO2 Reduction (13th FP)

13th FP acquisition by cash on hand

5 projects / JPY16.78 bn / 41.4 MW

End of
End of
End of
End of
End of
End of
End of
End of
End of
End of
End of
2ndFP
3rdFP
4thFP
5thFP
6thFP
7thFP
8thFP
9thFP
10thFP
11thFP 12thFP(June. 2018) (Dec. 2018) (June. 2019) (Dec. 2019) (June. 2020) (Dec. 2020) (June. 2021) (Dec. 2021) (June. 2022) (Dec. 2022) (June. 2023)

End of13thFP(Dec. 2023)

Mid-term
Target（Note）(Note) The term “valuation price ”refers to the intermediate value of power plants whose property numbers in the Asset List on page 8-9 are S-01 through S-18 estimated by
CSIF, based on the valuations of power plants at the end of Dec. 2023 calculated by PricewaterhouseCoopers Sustainability LLC. As for power plants S-19 through
S-30, “valuation price” is the median value calculated by Kroll, LLC at the end of Dec. 2023, and for power plant S-31, “valuation price ” is estimated by CSIF, basedon the valuations of power plants at the end of Dec. 2023 calculated by Japan Real Estate Institute.

Historical and Forecasted Dividend
Since its listing, CSIF has offered a stable dividend and achieved steady increases in dividends.
The fourth increase in distributions is expected.
(yen)
5,000

4,000

DPU (excl. distributions in excess of earnings)

3,600

3,650

3,650

577

3,000

3,700

3,700

708

601

2,992

3,099

6th FP

7th FP

1,340

Per unit distributions in excess of earnings

3,700

3,750

924

848

2,776

2,902

8th FP

9th FP

3,903

3,750

3,750

3,750

3,775

3,775

3,775

1,817

2,000

3,903
3,073

1,000

0

2,310

1,783

3rd FP

4th FP

5th FP

3,138

10th FP 11th FP 12th FP 13th FP 14th FP 15th FP 16th FP(Forecast) (Forecast) (Forecast)（Note）
Figures for the 14th~16th Fiscal Period are forecasts and are subject to change. They do not represent guaranteed distribution amounts.

2

3

Canadian Solar Group

Unique Aspects of the Fund

Canadian Solar Group, CSIF’s sponsor, is a global company engaged in the manufacturing and sale of solar panels etc, as well as thedevelopment and operation of solar power plants, It was established in Ontario, Canada in 2001 and has been listed on the NASDAQ stock
exchange since 2006. The company had more than 20,000 employees in 24 countries and has annual sales of approximately $7.5 billion(approximately 1,120 billion yen at current exchange rates) for the fiscal year ending December 31, 2022. The group entered the Japanesemarket in 2009 and has been selling solar panels for residential and industrial uses. The sponsor has also been involved in the development ofsolar power plants since the early days of renewable energy, as the Feed-in Tariff system for solar power generation started in Japan in 2012.
Share of shipping PV modules

2022 Global share

Top 5

Source: PVeyeApril 2023,
Vis On Press Co.,Ltd.

Bankability

Operational solar power plants#1 pv module

Source: Bloomberg New Energy
Finance"PV Module and Inverter
Bankability 2022"

26 GW

110 GW(panel output basis as of(as of September 30, 2023)

Prominent knowledge acquired by the Group as the total solution provider of solar power generation is fully utilized for the operation of
CSIF. The uniqueness of the vertically integrated model of the group is shown as below.

The image of the value chain of renewable energy business at Canadian Solar Group

Canadian Solar Infrastructure Fund, Inc.

Solar power plants underdevelopment or construction

Approx.

More thancompany consideredbankable in 2022

Advantageous Operation Based on the Vertically-Integrated Model of the Group

Capture continuous growth opportunities andcreate stable cash flow

Project
owner

ng
quiri
om ac
r
f
h
t
w
ro
Achieve g

September 30, 2023)

Same boat equity
Sponsor support

External growth

Canadian Solar Group’s Global Operations

As of September 2023

Solar panel factory : 5 countries(including plants under construction in the U.S.)

Canadian Solar Inc.

Manufacture PV modules

EuropeGermany

Spain

Munich, EMEA CSIS HQ● Framlfirt

●

U.K.
●

LondonPoland●Italy

Warsaw●

Milan

France●Biarritz

Netherland

North America●

Amsterdam

CanadaGuelph: Global HQ● Calgary●

U.S.
Austin: North America HQ● Mesquite,Texas● Jeffersonville,Indiana● Walnut Creek● New York City●

Latin America
Brazil●São Paulo

Middle East and Africa

●

Camas

China

South Korea

Suzhou :China HQ
● Beijing● Changshu● Funing● Yancheng● Dafeng● Luoyang● Baotou● Jiaxing● Jiuquan● Suqian● Xining● Taiyuan● Jinan● Guangzhou● Hong Kong, SAR●●

Taiwan●Hsinchu

U.A.E

Japan

Abu Dhabi● Dubai●

Mexico City

Colombia

South Africa

Mexico●●Bogota●●Cape Town

Chile●

SantiagoTokyo● Osaka● Fukuoka● SendaiRecoup development funds

Canadian Solar Asset Management K.K.

Canadian Solar Projects K.K.

Develop solar power plants

Canadian Solar O&M Japan K.K.

Solar power plant AM∙O&M

Vertically Integrated Business Model

Asia Pacific

Madrid: EMEA GE HQ● Barcelona● Badajoz

●

r
sola

nts
pla
r
e
pow

●

Seoul
Gwangju

Developer
Operator

Manufacturer

Asset Management
O&M provider

India
●

New Delhi

Thailand●Canadian Solar Group

ChonburiVietnam●Hai Phong

Malaysia

Financial Strategy

Kuala Lumpur

CSIF has built a strong and stable financial base in accordance with a conservative financial strategy. In terms of key performance indicators,

Singapore

CSIF has kept LTV at an appropriate level and maintained a high fixed interest rate ratio. It has, therefore, hardly been impacted by the●●Singapore

Australia●●

Melbourne
Sydneyincreases in market interest rates since last year.

Well-balanced stable debt finance
CSIF balances bank loans, usually with maturities of 10 years, with fund procurement from capital markets through the issuance of investment
corporation bonds. Currently, we have created a strong bank formation consisting of a total of 23 financial institutions, including five banks
consisting of three megabanks as well as SBI Shinsei Bank and Sumitomo Mitsui Trust Bank as arrangers and co-arrangers, and we believethat we have established a financing structure for future asset expansion.

Financing from domestic and overseas investors
In the past three public offerings, including the IPO, CSIF has raised funds from both domestic and overseas investors through global offerings.

Source: The above map was compiled by CSAM based Canadian Solar Inc. Investor Presentation November 2023

In the third public offering, CSIF has raised funds through Domestic Offering, Rinpo Format, which is Transaction was documented by aJapanese language prospectus and an English language prospectus was not be prepared.

4

5

Management Interview

Aim to support the growthof Renewable Energy Industry
as the leading listed
Infrastructure Fund
Executive Director Canadian Solar Infrastructure Fund, Inc.
CEO and Representative Director Canadian Solar AssetManagement K.K.

Hiroshi Yanagisawa

Q1

What was CSIF’s management performancein the 13th fiscal period?

The weather was generally stable throughout the 13th fiscal
period. Output curtailment was implemented to a certain extent
mainly at power plants under unlimited output rules in Kyushu
Electric Power jurisdiction, but the overall impact was limited. As aresult, actual energy output was 100.81%, slightly higher thanprojected, and operating revenue was higher than initially forecast.
Operating expenses were lower than initially forecast due to acertain degree of cost control, mainly through a decline inconstruction costs compared to the budget and a decrease indepreciation. In non-operating incomes and expenses, we reduced
investment unit issuing expenses at the time of raising capitalthrough the public offering in July and decreased interest expenses
and borrowing-related expenses for borrowings by using variable

6interest rates. As a result, ordinary income exceeded the initial
forecast. Ultimately, operating revenue was 4,537 million yen,operating income was 1,846 million yen, ordinary income was
1,386 million yen, and net income was 1,385 million yen. As aresult, profit distributions per unit increased 528 yen from theinitial forecast, to 3,067 yen. Distributions in excess of earnings
were decreased by 528 yen, the same amount as the increase inprofit distributions per unit, and the total dividend per unit was set
at 3,750 yen, the same amount as the initial forecast.

Q2

Output curtailment can be said to have had a limited
impact in the 13th fiscal period. What is the outlook
for output curtailment and what impact will output
curtailment have on your performance?

Although we instituted output curtailment to a certain extent in the

13th fiscal period, it had a limited impact on our overall
performance compared with the 12th fiscal period in the first halfof the year. The reason for this is that, in addition to the fact thatthe output curtailment was implemented in the second half of theyear (July to December), it was limited mainly to power plants
under the unlimited rules in the Kyushu Electric Power jurisdiction.
10 power plants, most of the power plants held by CSIF in the
Kyushu Electric Power jurisdiction as of the end of the 13th fiscal
period, are under the 30-day rule, which sets the maximum
number of days of output curtailment at 30 days a year (April to
March in the following year), and the number of days output
curtailment implemented in April through June 2023 isapproaching 30 days. Regarding the 14th fiscal period, we believethat the impact on business results will be small compared to lastyear, given that there is little room to implement output curtailment
until the end of fiscal 2023 (March 2024).
In addition, government initiatives to reduce curtailment of
renewable energy power output are underway. In May 2023,
METI’s Power Grid Working Group proposed measures such as (i) areduction of minimum output for newly constructed thermal power
plants from the current 50% to 30%, and (ii) wide-area output
curtailment operation. At the Mass Renewable Energy Introduction/ Next Generation Energy Network Committee in June 2023, underthe basic policy of reducing curtailment of renewable energy power
output, experts agreed to compile new countermeasure packages
for the reduction of curtailment of renewable energy power output
within 2023 after broadly discussing possible actions to be taken
each for supply, demand and grid. In the Committee, a new“Countermeasure Package to Reduce the Curtailment ofRenewable Energy” was compiled in December 2023 to investigate
the curtailment of renewable energy in more detail. As for specificmeasures, multiple items have been proposed for each of demandmeasures, supply measures, and grid measures. Based on theabove, we expect that the impact of output curtailment will be
mitigated in the next fiscal year onwards compared to the current
fiscal year.

Q3

properties in the pipeline will be 21 with 392.8 MW, which
exceeds the asset size at the end of the 12th fiscal period and a
sufficient scale compared to the current panel output of 226.4
MW. Among these, CS Azuma Kofuji Solar Power Plant, which was
the sponsor’s largest development project and was among Japan’slargest projects, was transferred to a bridge fund at the end of May
2023. Canadian Solar Asset Management K.K. (CSAM), which is
CSIF’s asset manager, concluded a basic agreement with thebridge fund under which CSAM holds preferential negotiating rights
to acquire the asset in the future. Three other properties are also
included in bridge funds, and we plan to sequentially acquire themas the next acquisition targets, in preference to other properties
that are already in operation. The advantages of using a bridgefund include that this enables (i) adjustment of mismatches
between the desired timing of transactions between the seller and
CSIF and (ii) allows CSIF to control the number of assets acquired
and the scale of acquisitions and to make asset acquisitions more
flexibly. As just described, we will aim to achieve stable external
growth by diversifying property acquisition routes andacquisition methods.

Q4

What is your outlook for distributions in
the future?

Since it started to pay distributions per unit of 3,600 yen in thethird fiscal period after the listing, CSIF has offered stable
distributions and achieved steady increases in distributions. In
addition, distributions per unit are expected to be 3,775 yen, thefourth increase in distributions, in the 14th fiscal period party due
to the contribution of property acquisition at the time of capitalincrease through the public offering in July 2023. As a breakdown,
the rate of increase in profit distributions is expected to risesignificantly. With the aim of growing while maintaining stable
distributions, CSIF will continue to increase profit distributions perunit (EPU) for each event such as a property acquisition in order toraise the proportion of EPU in distributions per unit and reduce
distributions in excess of earnings.

Tell us about your growth outlook andfuture initiatives.

Since the listing, CSIF has been working to expand the asset sizeby mainly acquiring assets from the pipeline, centered on projects
developed by the sponsor, and set a new medium-term target of
200 billion yen last year, aiming for further growth. To increase ourasset size to 200 billion yen, we intend to achieve sourcing route
diversification by accelerating acquisitions of third-party developed
assets in addition to acquisitions from our abundant sponsor
pipeline. Currently, the total number of properties in the sponsordeveloped assets is 19 with 345.8 MW, and if 2 properties with
47.0 MW developed by third parties are added, the total number of7

To Carbon Neutrality
PM Suga in October of 2020 set a target to achieve zero greenhouse gas emissions by 2050 in his general policy speech.
Given the policies and forecasts released by the Japanese government, CSIF believes that renewable energy may make up a larger

Feature Story

ESG finance and Japan’s carbon neutrality policies

portion of the supply of electricity generated in Japan.

Long-term goal to reducegreenhouse emissions

Commence discussions
on carbon pricing rule

Pledge to maximize use ofrenewable energy sources

×

Zero greenhousegas emissions

Renewable energy to bepromoted as themain power sourceby 2050

in Japan’s energy mix＋

Actively devise
legislation on pricing
of carbon emissions

Increase in renewable

Promote use ofenergy within total energy mix

renewable energy

Aiming to Achieve Carbon
Neutrality

Investments and loans made by taking into account not only
conventional financial information but also non-financial information,
comprising environmental, social and governance factors, are called ESG
finance. ESG finance has attracted worldwide attention and in the last
several years has been expanding dramatically in Japan. Needless tosay, ESG finance has had a favorable impact on investments ininvestment units offered by the Investment Corporation, loans frombanks and the issuance of green bonds.
As ESG finance evolves
and expands both interms of quality andvolume, moves to
respond to theinitiatives of the Task
Force on Climaterelated Financial

In the 6th Basic Energy Plan approved by the Cabinet in October 2021, it was stated that “based

local communities. The government’s target power source ratio for 2030 is expected to be 36-38%, with solar power accounting for the largest

on the basic premise of S+3E (Note), we will thoroughly make renewable energy the main source ofshare at 14-16%. The government’s target of renewable energy for 2030 is 36-38% of the total power supply, with solar power accounting for the

power, work on the principle of giving top priority to renewable energy, and maximize thelargest share at 14-16%, so the role of solar power will be important for the time being.

introduction of renewable energy while curbing the burden on the public and coexisting with

Ratio of Renewable Energy in total Energy Mix Target : 36～38％
Solar power is expected to compose 14%~16% of the total renewable energy mix

(%)
120

Renewable energy
Coal-fired

NuclearOil thermal, etc.

LNG
Hydrogen-Ammonia

Solar

Wind

Geothermal

Hydraulic

Carbon emissions from electricity production makes up 35.7% of total carbon emissions in Japan, and the introduction and wider use of renewable

60
40

11%

20

FY2019Actual

FY2030 Target(2015 forecast)

FY2030 Target(6 th Basic Energy Plan)energy are expected to contribute towards lowering Japan’s carbon emissions.

Biomass

5%80

14~16%

FY2030 government
renewable power
output target(breakdown within the
renewable sector)

1%(Note)The acronym stands for Safety, Energy Security, Economic Society, and Environment.

Breakdown of greenhouse gas emissions in Japan100

0Disclosures (TCFD) and other opportunities for similar disclosure as wellas “100% renewable” (RE100) and net carbon zero target setting are
becoming increasingly active among global companies and issuingentities. In other words, investors and banks are positively evaluatingthese ESG initiatives, while businesses also have become keenly awareof these initiatives as means to improve corporate value.
In Japan, since Prime Minister Yoshihide Suga made a policy speech in
October 2020 on the establishment of goals for reducing greenhousegas emissions and achieving carbon neutrality by 2050, the Japanese
government has been accelerating initiatives toward post-carbon society.
In circumstances where new currents are emerging, some forwardthinking global enterprises are now asking their business partners to set
emission reduction targets, conduct renewable energy procurement, etc.
Initiatives to achieve the post-carbon society are shaping corporate
management strategies and leading to the creation of new business
opportunities.

Energy related CO2 emissions (electricity) : 36.7%
Energy related CO2 emissions (non electricity) : 47.5%
Non energy related CO2 emissions : 6.7%
Greenhouse gas emissions other than CO2 : 9.2%

36.7%
FY2020greenhousegas emissions(1.14bn tons)

5%

Renewable energy
sources

Fossil fuel

Reduced carbon
emissions with theutilization of renewableenergyBased on the judgment that it is essential to conduct a comprehensive review of the regulations that serve as barriers to this process, and to promote the necessary
regulatory review and expedite the review process, the government established the “Task Force for Comprehensive Review of Regulations Concerning Renewable Energy,etc.” in November 2020 in order to achieve such regulatory reform with a sense of speed. Many requests for deregulation and removal of regulations have been

(Note) Preliminary figures for FY2020 are used, and there may be differences from the finalized FY2020 figures to be released in 2022.

8

submitted and studies have begun in the areas of(1)location restrictions, (2)grid regulations, (3)market restrictions, (4)coexistence with local communities, and(5)others.

9Effort in ESG

Introduction

The first listed infrastructure fund to conduct
disclosures under TCFD guidelines

Canadian Solar Asset Management K.K. (“CSAM”) serves as an asset

E

Environment

Incorporate measures to reduce environmental
impact from manufacturing solar panels

manager of Canadian Solar Infrastructure Fund, Inc. (“CSIF”) which

TCFD was established by the Financial Stability Board (FSB) to promote

invests mainly in renewable energy power generation facilities.

transparency on climate-related information disclosures and discuss

The Canadian Solar Group is focused on reducing theCanadian Solar Project K.K. (“CSP”) is a developer of PV projects and a

implementation methods for financial institutions.As of February 14, 2022,

environmental impact from solar panel manufacturing processes

sponsor for CSIF. CSAM together with CSP has contributed to building a

CSIF conducts climate-related disclosures in accordance with the guidelines

such as greenhouse gases and industrial waste water and havesustainable economic society in local regions while paying a greatof the TCFD Recommendations.

achieved the following reductions in our environmental impact

attention to the global environment. Thus, CSAM has run its asset
management business with its focus on the environmental aspect

Adherence to EU Sustainable Finance
Disclosure Regulation (SFDR) Article 8
disclosure requirements

among the ESG initiatives. In addition, CSAM fully recognizes thatconsidering the social and governance aspects in the asset
management operations is also deemed extremely important byinvestors and fund managers in Japan and overseas with a focus on●particular product) and to create a more transparent playing field for ESG
investors in their investment decisionmaking, EU SFDR was created forgoing forward; therefore, CSAM set forth its“Approach into UN PRI” as

the purpose of enhancing transparency of sustainable investment.
●

Disclosure covers all information relevant to policies on sustainability risk,

CSAM has facilitated the “Contribution to the Global Environment” via

sustainability of financial products, and ESG factors.CSIF is scheduled to

an increased installment of renewable energy facilities in Japan sinceconduct SFDR Article 8 disclosure requirements of pre-defined ESG

IPO of CSIF. Going forward, CSAM would like to make an opportunity for(environmental, social, governance) factors.

SRI available for investors by “Realizing A Sustainable Society” and“Vitalizing A Regional Society” as for the social and governance aspects.

Signatory to UN PRI / CSAM’s approach on UN PRIESG Initiatives (Green Finance)
CSIF revised a new Green Finance Framework which obtained a● Green1(F) assessment from JCR, the highest assessment rating as of

As of August 13, 2019, our asset

June 30, 2023. The green rating has now also been applied to the

manager, Canadian Solar Assetissuance of new investment units and CSIF has issued newManagement K.K. (“CSAM”),

investment units as “Green Equity.” Going forward, all CSIF’s finance,

became the first Japanese asset

whether equity or debt finance, will be green finance, in principle.

manager of a listed infrastructure fund to be a signatory to the UN PRI(United Nations supported Principles for Responsible Investment) to promote
ESG (Environmental, Social, Governance) investments.
As a signatory to the UN PRI, CSAM devised an “Approach to UN PRI
Guidelines” as of the end of December 2020 as its basic ESG policy, which
can be found on CSIF’s website as of February 17, 2021.

Reduction of industrial water consumption (/ MW)2017

153 ton

20%

－

2022
Approx.

123 tonIn order to prevent greenwashing (falsely claiming the sustainability of adisclosure of information about its initiatives will be more important
ESG basic policy late December of 2020.

from 2017 to 2022.

Approx.

SRI. Under such circumstances, CSAM believes that active, appropriate

Reduction of industrial water consumption (/ MW)2017

Approx.

2,249 ton

67%

－

2022
Approx.

750 ton

CSAM endorsed the TCFD (Task Force on Climate-related Financial
Disclosures) recommendations in February 2022.
CSIF and CSAM published the ESG report in
February 2023.

●

CSIF selects ESG subjects (materiality) ofparticular importance to CSIF and promote
efforts to achieve and further improve targets
by setting KPIs and implementing specificmeasures for materiality items through future

Canadian Solar Group’s relationship with the local
community around CS Daisen-cho
The Sponsor constructed the Daisen Canadian Garden anddonated it to the Daisen-cho Town Government in commemorationof the completion of CS Daisen-cho Power Plant, now owned by
the CSIF after development, and as part of its contribution to local
communities in an effort to create harmony between nature andthe large-scale solar power plant. In addition, it repaired the Hima
Jinja Shrine in the same town and donated an incense holder
made of white granite to the Shimpukuji Temple.

Canadian Solar Group’s relationship with the local
community around CS Daisen-choPower plant carefully developed by protecting the richenvironment of Daisen-cho
The district in which CS
Daisen-cho Power Plant islocated is in close proximity
to districts known for theirdiverse and rich ecologicalenvironments with forests,
plants and wild birds. Efforts
were made to refrain from using chainsaws when developing the
project to avoid damaging the habitat of rare species of indigenous
falcons, while painting the fence around the site using camouflage
colors.
The power plant can provide 27MWp of clean regenerated energy,
equivalent to electricity for approximately 8,000 households.

ESG Report●

employees participated in this event, which is a walk along a historic
trail that Francisco Xavier is said to have passed through.

In the Daisen Canadian Garden, there is a monument created in
Repaired the Himathe motif of the local mountain, Mt. Daisen.
Donated an incense holder made of white granite to
Jinja Shrine
Shimpukuji Temple

Donation to Marumori-machi, Igu-gun, Miyagi prefecture
where CS Marumori-machi is located
The sponsor and CSAM offered donations to the Marumori-machi
Town Government. The town was severely hit by Typhoon Hagibis
in October 2019.

GovernanceSocialS

Canadian Solar Group’s relationshipwith the local community

Canadian Solar Group’s relationship with local
communities at Hiji-machi

G

Aligning the interest of unitholders withthat of the Sponsor

We aim to increase unitholders’ value by aligning the interest ofunitholders with that of the sponsor.
After the 3rd PO, number of units held by the sponsor and holding ratio

Canadian Solar Asset Management Inc. is sponsoring the Xavier‘s
Way Walking in Hiji-machi, where CS Hiji-machi Power Plant and CS
Hiji-machi Dai-Ni Power Plant are located. In 2023, CSAM

65.672 units (14.53%)

activities.

10

11

Portfolio

Portfolio Overview As of December 31, 2023

Portfolio Highlight# of Projects

Total Acquisition Price

31projects

JPY

Panel Output of AUM

97.0 Bn

FIT
Electric
Price
Power
(yen) service area

0.5

1,224.00

40

Kyushu30-day rule

285

0.3

931.7740

Kyushu30-day rule

907

818

0.9

2,127.84

40

Tokyo

30-day ruleIsa-shi, Kagoshima

778

591

0.7

2,013.99

36

Kyushu30-day rule

CS Yusui-cho Power Plant

Aira-gun,Kagoshima

670

510

0.6

1,749.30

36

Kyushu30-day rule

S-06

CS Isa-shi Dai-san Power
Plant

Isa-shi, Kagoshima

949

737

0.8

2,225.08

40

Kyushu30-day ruleS-07

CS Kasama-shi Dai-ni Power
Plant

Kasama-shi, Ibaraki

850

705

0.8

2,103.75

40

Tokyo

30-day rule

S-08

CS Hiji-machi Power Plant

Hayami-gun, Oita

1,029

794

0.9

2,574.99

36

Kyushu30-day rule

S-09

CS Ashikita-machi Power
Plant

Ashikita-gun,
Kumamoto

989

772

0.9

2,347.80

40

Kyushu30-day rule

S-10

CS Minamishimabara-shi
Power Plant (East & West)

Shimabara-shi,
Nagasaki

1,733

1,418

1.6

3,928.86

40

Kyushu30-day rule

S-11

CS Minano-machi Power
Plant

Chichibu-gun,
Saitama

1,018

903

1.0

2,448.60

32

Tokyo

30-day rule

S-12

CS Kannami-cho Power Plant

Tagata-gun,Shizuoka

514

452

0.5

1,336.32

36

Tokyo

30-day rule

S-13

CS Mashiki-machi Power
Plant

Kamimashiki-gun,
Kumamoto

19,751

18,336

20.7

47,692.62

36

Kyushu30-day rule

23.6％

S-14

CS Koriyama-shi Power Plant

Koriyama-shi,
Fukushima

246

209

0.2

636.0032

Tohoku30-day rule

21.1％

S-15

CS Tsuyama-shi Power Plant

Tsuyama-shi,
Okayama

746

608

0.7

1,930.50

32

Chugoku

30-day rule

S-16

CS Ena-shi Power Plant

Ena-shi, Gifu

757

676

0.8

2,124.20

32

Chubu

360-hour rule

S-17

CS Daisen-cho Power Plant(A)(B)

Saihaku-gun, Tottori

10,447

8,781

9.9

27,302.40

40

Chugoku

30-day rule

S-18

CS Takayama-shi Power
Plant

Takayama-shi, Gifu

326

272

0.3

962.2832

Chubu

360-hour ruleS-19

CS Misato-machi Power Plant

Kodama-gun,
Saitama-ken

470

394

0.4

1,082.88

32

Tokyo

30-day rule

S-20

CS Marumori-machi Power
Plant

Igu-gun, Miyagi

850

694

0.8

2,194.50

36

TohokuUnlimited andUncompensated ruleS-21

CS Izu-shi Power Plant

Izu-shi, Shizuoka

4,569

3,942

4.4

10,776.80

36

Tokyo

30-day rule

S-22

CS Ishikari Shinshinotsumura Power Plant

Ishikari-gun,
Hokkaido

680

538

0.6

2,384.64

24

Hokkaido

Unlimited andUncompensated ruleS-23

CS Osaki-shi Kejonuma
Power Plant

Osaki-shi, Kejonuma

208

173

0.2

954.9921

TohokuUnlimited andUncompensated ruleS-24

CS Hiji-machi Dai-ni Power
Plant

Hayami-gun, Oita

27,851

25,92829.2

53,403.66

40

Kyushu30-day ruleS-25

CS Ogawara-machi Power
Plant

Shibata-gun, Miyagi

2,745

2,492

2.8

7,515.35

32

TohokuUnlimited andUncompensated rule226.4 MW

Total Energy Output for the Period

100.81％13th FP actual energy output ÷ projected energy output =(11th FP (corresponding period of the previous year): 96.69%)
Projected energy

Actual energy output

97.5%

106.8%

30,00024,40325,00096.8%

100.7%

22,215 21,503

21,099 21,244

26,641 25,974

26,07020,000105.4%
16,67997.8%

17,582

10,000
5,000
Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Historical Portfolio Diversification (panel output basis)
End of 12th FP(ended June. 2023)

At IPOEnd of 13th FP(ended Dec. 2023)

29.0％
3.5％
5.4％

65.6％

25.9％

14.8％

Remaining FIT period of projects-under-management(panel output basis)
Projects reaching FIT expiration
after 2034

(MW)
100

¥32/kWh

70.00

40¥18/kWh20

FIT period: 11 years

51.2

12

23

75.27
48.89

60.00

2.3

6.3 3.0 27.3
1.7

20

34

20

35

20

36

20

37

12.9
20

38

53.4

20

39

40.00 33.86

22.2
3.3

1.1

20

20

40

20

41

35.96

42

30.00
20.00

47.09

50.02 51.49 49.58
42.67

Project name

S-01

CS Shibushi-shi Power Plant

Shibushi-shi,
Kagoshima

540

432

S-02

CS Isa-shi Power Plant

Isa-shi, Kagoshima

372

S-03

CS Kasama-shi Power Plant

Kasama-shi, Ibaraki

S-04

CS Isa-shi Dai-ni Power Plant

S-05

88.75
79.03 77.17 76.36
75.51

50.00

1.2 11.920

0.9Valuation priceBook value

90.00
80.00

¥21/kWh

0

Historical valuation and book value(after depreciation)¥36/kWh¥24/kWh60

CS Hiji-machi Dai-ni PP
CS Mashiki-machi PP
CS Daisen-cho PP (A & B)

(JPY billion)¥40/kWh80

12.1％

CS Hiji-machi Dai-ni PP
CS Mashiki-machi PP
CS Daisen-cho PP (A & B)

CS Mashiki-machi PP
CS Minami Shimabara-shi PP (east & west)
CS Hiji-machi PP

No.

14,541 14,223

15,0000Acquisition Valuation Price
Portfolio(Note)
Price(%)(million yen) (million yen)

Panel
Output(kW)(Note)“Total Acquisition Price” is total of the purchase prices based on the sales and purchase agreement for each project.

(MWh)

List of Power Plant Assets

As of December 31, 2023

74.87
85.39

72.41 71.03

69.59

73.86

46.47 45.57 45.35

42.07

30.44 31.11

IPO 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th 12th 13th
FP FP FP FP FP FP FP FP FP FP FP FP

Location

Curtailment
rules

Online curtailment
system status

14th FP(completed
in February)

15th FP(Scheduled)13

Portfolio Overview As of December 31, 2023

No.

Project nameLocation

Acquisition Valuation Price
Portfolio(Note)
Price(%)(million yen) (million yen)

Panel
Output(kW)

FITElectric
Price
Power
(yen) service area

Curtailment
rules

S-26

CS Fukuyama-shi Power
Plant

Fukuyama-shi,
Hiroshima

1,340

1,309

1.5

3,316.95

40

Chugoku

30-day ruleS-27

CS Shichikashuku-machi
Power Plant

Katta-gun, Miyagi

3,240

3,558

4.0

9,213.12

36

Tohoku30-day ruleS-28

CS Kama-shi Power Plant

Kama-shi, Fukuoka

586

594

0.7

2,242.96

36

KyushuUnlimited andUncompensated ruleS-29

CS Miyako-machi Saigawa
Power Plant

Miyako-gun,
Fukuoka

5,780

5,771

6.5

13,011.20

36

KyushuUnlimited andUncompensated rule

S-30

CS Kasama-shi Dai-sanPower Plant

Kasama-shi, Ibaraki

5,840

5,834

6.6

13,569.36

32

Tokyo

30-day ruleS-31

CS Yamaguchi-shi Power
Plant

Yamaguchi-shi,
Yamaguchi-ken

230

254

0.3

1,107.60

18

Chugoku

Unlimited andUncompensated rule

97,01788,755100.00226,434.31

ー

ー

ー

Total

Online curtailment
system status

S-16

CS Ena-shi PP

S-01

S-06

CS Isa-shi Dai-san PP

S-11

CS Minano-machi PP
14

S-02

CS Isa-shi PP

S-07

CS Kasama-shi Dai-ni PP

S-12

CS Kannami-cho PP

S-03

CS Kasama-shi PP

S-08

CS Hiji-machi PP

S-13

CS Mashiki-machi PP

S-04

CS Isa-shi Dai-ni PP

S-09

CS Ashikita-machi PP

S-14

CS Koriyama-shi PP

S-18

CS Takayama-shi PP

S-19

CS Misato-machi PP

S-20

CS Marumori-machi PPー(Note): The term “valuation price ”refers to the intermediate value of power plants whose property numbers in the Asset List on page 12 are S-01 through S-18 estimated by
CSIF, based on the valuations of power plants at the end of Dec. 2023 calculated by PricewaterhouseCoopers Sustainability LLC. As for power plants S-19 through
S-30, “valuation price” is the median value calculated by Kroll, LLC at the end of Dec 2023, and for power plant S-31, “valuation price ” is estimated by CSIF, basedon the valuations of power plants at the end of Dec. 2023 calculated by Japan Real Estate Institute.

CS Shibushi-shi PP

S-17

CS Daisen-cho PP (A)(B)S-05

CS Yusui-cho PP

S-21

CS Izu-shi PP

S-26

CS Fukuyama-shi Power
Plant

S-22

CS Ishikari Shinshinotsumura PP

S-27

CS Shichikashuku-machi
Power Plant

S-23

CS Osaki-shi Kejonuma
PP

S-28

CS Kama-shi Power
Plant

S-24

CS Hiji-machi Dai-niPower Plant

S-29

CS Miyako-machi Saigawa
Power Plant

S-25

CS Ogawara-machi
Power Plant

S-30

CS Kasama-shi Dai-sanPower Plant

S-10

CS Minamishimabara-shi
PP（East & West）

S-31

CS Yamaguchi-shi Power
Plant

S-15

CS Tsuyama-shi PP
15

External Growth Strategy

Growth Policy

Operational Start Year and Status of Sponsor Portfolio Assets

Tracking information disclosure and expansion of demand for renewable energy

Target to achieve ¥200 Bn in asset size in the medium term by accelerating acquisitions of third-party development projects, in addition
to acquisitions from abundant sponsor pipeline
Sponsor-Developed Assets

19

projects,(MW)

Third Party-Developed Assets

345.8

Operational

2MW

projects,

Under construction

47.0

MW

Initiatives for Internal Growth

Growth Policy

Total portfolio

21

projects,

392.8

MW

In light of the rapidly increasing awareness of global efforts towards carbon neutrality amongst Japanese electricity consumers, CSIF will
grant access to trackinginformation (key information on renewable Power Plant as specified in the FIT Non-Fossil Certificate) of CS Daisencho Power Plant (A), Daisen-cho Power Plant (B), andCS Marumori-machi Power Plant for electricity consumers.
● At the Electricity and Gas Strategic Policy Subcommittee held in December 2022, a proposal to raise the minimum price of renewable energy
traded in the Non-FossilValue Trading Market has been submitted for panel review. CSIF believes that the need for renewable energy tradingis rising amongst consumers.
●

345.8MW

Under development

400

Summary image of tracking information

300
200

Power producers

100
0Operational

2024

2025

Abundant Pipeline Centered on Sponsor-Developed Assets
Assisting CSIF’s Growth
Lower row in each box ; size (MW)/ FIT price in JPY/ anticipated COD● Operational● Under construction

2026 -

as of December 31, 2023 :the third-party development assets are as of the date of
the announcement of these financial results.

Pink box for sponsor development projects
held by bridge Fund

● Under development

CS Gunma Takasaki KG PP(24.5MW/14.49/2022)

CS Gunma CC PP
CS Tottori Daisen Dai-ni PP(1.9MW/11.49/2024)

CS Okayama Shinyubara PP(28.8MW/13.47/2025)

CS Hiroshima Suzuhari PP(17.8MW/17.97/2022)

CS Yamaguchi Hofu PP

Subtotal(21.0MW/11.99/2025)

CS Gunma Minakami Dai-ni PP(2.2MW/18/2023)

CS Nagano Omachi PP(3.0MW/10.14/2025)

CS Ishikawa Chausuyama PP(8.9MW/24/2025)(8.0MW/14.25/2023)

Geothermal “C”

FIT Non-Fossil
Certificate

FIT Non-Fossil
Certificate

FIT Non-Fossil
Certificate? ?
FIT Non-Fossil
Certificate

Wind PP “A”

Solar PP “B”

Geothermal “C”

FIT Non-Fossil
Certificate

FIT Non-Fossil
Certificate

FIT Non-Fossil
Certificate

FIT Non-Fossil
Certificate(3.0MW/10.89/2024)

CS Miyagi Kami-machi PP(80.0MW/10.76/2026)

Electricity retailers (consumers)

CS Fukushima Sabara PP

Electricity retailers (consumers)(3.0MW/10.79/2024)

CS Azuma Kofuji PP(100.0MW/36/2022)(Note) FIT Non-Fossil Certificates are certificates that represent the renewable energy value of electricity purchased on a feed-in tariff under the FIT
system and traded on the non-fuel value trading market of the Japan Electric PowerExchange (hereinafter referred to as “JPEX”).

CS Fukushima Ishikawa PP(19.4MW/FIP/2028)

New Specific Wholesale contracts with Retail Electricity provider

CS Tochigi Kitsuregawa PP(1.2MW/32/2023)(11.3MW/24/2022)(8.1MW/32/2023)

Solar PP “B”

FIT Non-Fossil
Certificate

CS Aomori Maita PP

CS Ibaraki Kurusu PP

CS Oita Munechika PP

Wind PP “A”

JEPX Non-Fossil
Value Trading
MarketBlue box for third-party development projects
held by bridge FundPower producers

CS Ibaraki Takamihara PP(1.2MW/11.99/2024)

For the following Power Plants, CSIF has reviewed the existing specific wholesale contracts for premium electricity sales and concluded new
specific wholesale contractsfor renewable electricity and with retail electricity providers in April 2023 and June 2023.
● CSIF believes that it will contribute to the spread of renewable energy and at the same time, contribute to the realization of internal growththrough the recording ofadditional rental income.
●CS Chiba Sakura PP(1.2MW/21/2023)

CS Tochigi Yuzukami kita PP

Power Plant(45.8MW/36/2023)

CS Shizuoka Gotenba PP
Source: Compiled by the Asset Manager based on disclosures by Canadian Solar Projects K.K.

(2.0MW/27/2023)

CS Hiji-machi Dai-ni PP
CS Mashiki-machi PPEnterprising assets acquisition from third parties
While we focus on acquiring solar energy projects from our Sponsor pipeline, we aim to diversify our acquisition opportunities not only by

Renewal Period/
Termination ofContract

CS Izu-shi PP
CS Ogawara-machi PP

Renewal for 1 year
after 2 years

Contract Date

Scheduled Start Date ofSpecific Wholesale

April 24, 2023

July 1, 2023

June 30, 2023

September 1, 2023

June 30, 2023

September 1, 2023

June 30, 2023

September 1, 2023

utilizing bridge funds but also bysecuring acquisition routes from third parties with Asset Manager’s network.

16

17

Ⅰ. Asset Management Report
1. Overview of Fund Operation

Financial Summary(1) Historical Operating Result of the Fund

Financial Summary
Verage borrowing Interest

DSCR(Note1)

LTV(Note2)

Fixed-to-variable interest rate ratio(Note3)

0.865%

2.12

52.59%

89.8%

DSCR, or Debt Service Coverate Ratio is calculated as the sum of our operating income, depreciation costs and the increased portion of thereserves in our reserve fund for repair fees divided by the sum of our loans payable and interest expenses for the relevant fiscal period. DSCR
is an operating measure to illustrate the ability to meet principal and interest payment obligations on existing loan payable.

POINT 1

POINT 2

Loan to value, or LTV is calculated as interest-bearing debt divided by total assets as of the end of the relevant fiscal period multiplied by 100.
“Fixed-to-variable interest rate ratio” refers to the ratio of fixed interest rate liabilities to total interest-bearing liabilities at that time. Variableinterest rate liabilities that were converted to fixed interest rate liabilities through interest rate swap agreements were deemed as fixed interest
rate liabilities.

POINT 3

JCR : A (Stable)

R&I : A- (Positive)(As of August 17, 2023)(As of August 4, 2023)

Historical Balance of Interest-bearing Debt
Loan（short-term）

Loan（long-term）

Bond

50,00040,00011th FP

12th FP

13th FP

Fr. Jul. 1, 2022
To Dec. 31, 2022

Fr. Jan. 1, 2023
To Jun. 30, 2023

Fr. Jul. 1, 2023
To Dec. 31, 2023

Operating Revenue (in JPY mln)

3,587

4,060

3,715

3,452

4,537

(Rental revenue of renewable energy power
plants, out of operating revenue) (in JPY mln)

3,587

4,060

3,715

3,452

4,537

Operating Expense (in JPY mln)

2,242

2,316

2,331

2,296

2,690

(Expense for rental of renewable energy power
plants, out of operating expense) (in JPY mln)

2,033

2,090

2,114

2,083

2,414

Operating Income / Loss (-) (in JPY mln)

1,344

1,743

1,383

1,156

1,846

Ordinary Income / Loss (-) (in JPY mln)

1,123

1,509

1,214

1,003

1,386

Net Income / Loss (-) (in JPY mln)

1,122

1,509

1,213

1,003

1,385

Unitholders’ Capital (net) (Note 4) (in JPY mln)

38,96038,632

38,63238,39645,271

Total number of units issued (unit)

386,656

386,656

386,656

386,656

451,756

Total Assets (in JPY mln)

80,63379,47577,98676,36595,017

(4.3)

(1.4)

(1.9)

(2.1)

24.4

40,08240,142

39,84639,39946,657(vs prior FP) (%)

(0.8)

0.1

(0.7)

(1.1)

18.4

Interest-bearing Liabilities (in JPY mln)

39,93738,80537,68836,54347,776

Net Asset Value per Unit (Base price) (in JPY)

103,665

103,818

103,053

101,898

103,280

Total Distribution (in JPY mln)

1,449

1,509

1,449

1,449

1,694

Distribution per Unit (in JPY)

3,750

3,903

3,750

3,750

3,750

(DPU excl. distribution in excess of earnings, in JPY)

2,902

3,903

3,138

2,595

3,067

(Distribution in excess of earnings per unit, in JPY)

848

-

612

1,155

683

Return on Assets (Note 3) (%)

1.4

1.9

1.5

1.3

1.6

(annualized ratio) (%)

2.7

3.8

3.1

2.6

3.2

Return on Capital (Note 3) (%)

2.8

3.8

3.0

2.5

3.2

(annualized ratio) (%)

5.5

7.6

6.0

5.1

6.4

Capital Ratio (Note 3) (%)

49.7

50.5

51.1

51.6

49.1

(vs prior FP) (%)

30,000

1.8

0.8

0.6

0.5

(2.5)

100.0

100.0

100.0

100.0

100.0

Number of Days for FP (days)

184

181

184

181

184

Number of Invested Asset as of End of FP

25

25

25

25

31

1,451

1,452

1,453

1,454

1,694

Distribution Payout Ratio (Note 3) (%)[Other Information]

20,00010,000
2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

Information for Unitholders
Information for Unitholders

18

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

(vs prior FP) (%)

CSIF is the only TSE-listed infrastructure fund rated by both of JCR and R&I as of June 30, 2023.

0

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

Total Net Assets (in JPY mln)

Credit rating（JPY million）

Fiscal Period

As of December 31, 2023

2030

Depreciation Expenses (in JPY mln)
CAPEX (in JPY mln)

56

32

69

23

89

Rental NOI (Note 3) (in JPY mln)

3,005

3,422

3,053

2,823

3,817

FFO (Funds from Operation) (Note 3) (in JPY mln)

2,574

2,961

2,667

2,458

3,080

FFO per Unit (Note 3) (in JPY)

6,658

7,660

6,897

6,357

6,818

Interest-bearing Liabilities Ratio (Note 3) (%)

49.5

48.8

48.3

47.9

50.3

(Note 1) Fiscal periods of the fund are six months for January 1 to June 30 and July 1 to December 31 every year.
(Note 2) Unless otherwise described, the numbers are rounded down and the ratio are rounded up or down.
(Note 3) The calculation methods are as below.

End of fiscal period

June 30 and December 31

Return on Assets

Ordinary Income / { (Total Assets at Beginning of FP + Total Assets at End of FP) / 2 } x 100

Dividend payment record dateJune 30 and December 31（payment is to be made within 3 months after the date）

Return on Capital

Net Income / { (Net Assets at Beginning of FP + Net Assets at End of FP) / 2 } x 100

Capital Ratio

Net Assets at End of FP / Total Assets at End of FP x 100

Listed financial instruments exchangeTokyo Stock Exchange（securities code: 9284）

Distribution Payout Ratio

DPU excl. distribution in excess of earnings / Net Income x 100

Unitholders’ meeting

Once a every 2 years

Rental NOI

Rental Revenue for renewable energy power generation facilities – Rental Expenses for renewable energy power
generation facilities + Depreciation Expenses

Public announcement newspaper

Nihon Keizai Shimbun（Nikkei）

FFO

Net Income + Depreciation Expenses + Profit from sales of renewable energy power generation facilities

FFO per unit

FFO / The number of total issued units

Interest-bearing Liabilities Ratio

Interest-bearing Liabilities / Total Assets x 100

Administrator of unitholder list etc.

Sumitomo Mitsui Trust Bank, Limited[Contact information]

Izumi 2-8-4, Suginami-ku, Tokyo 168-0063
Sumitomo Mitsui Trust Bank, Limited
TEL: 0120-782-031(Note 4) Deductible amount for unitholders’ capital is deducted from the gross amount of unitholders’ capital.

19

Ⅰ. Asset Management Report(2) Overview of the Fiscal Period under Review

a. Brief History of Canadian Solar Infrastructure Fund
Canadian Solar Infrastructure Fund, Inc. (hereinafter referred to as “CSIF”) was established on May 18, 2017 with money invested of 150
million yen (1,500 units) by Canadian Solar Asset Management K.K. (hereafter referred to as the “Asset Manager”) as the founder under the
Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951 including subsequent amendments; hereinafter referred to as
the “Investment Trusts Act”). Registration with the Kanto Local Finance Bureau was completed on June 9, 2017 (registration number 127,
filed with the Director of the Kanto Local Finance Bureau).
CSIF issued additional investment units (177,800 units) through a public offering on October 27, 2017, listed its investment units on Tokyo
Stock Exchange Inc.’s (hereinafter referred to as the “Tokyo Stock Exchange”) Infrastructure Fund Market on October 30, 2017 (security
code: 9284), and issued new investment units (2,890 units) through third-party allotment on November 28, 2017.
In addition, CSIF issued new investment units (46,667 units) through public offering on September 5, 2018 and issued new investment
units (2,333 units) through third-party allotment on October 4, 2018.
CSIF then issued new investment units (151,500 units) through public offering on March 5, 2021 and issued new investment units (3,966
units) through third-party allotment on April 7, 2021.
CSIF then issued new investment units (62,000 units) through public offering on July 18, 2023 and issued new investment units (3,100
units) through a third-party allotment on August 10, 2023.
As a result of the above, the total units issued at the end of the fiscal period under review (as of December 31, 2023) were 451,756 units.
b. Investment Environment and management performance for the fiscal period under review
Regarding tRegarding the Japanese economy during the fiscal period under review, although the second preliminary estimate of the real
GDP growth rate for July-September 2023 was downgraded from the 2.1% contraction on an annualized basis recorded in the preliminary
estimate to a 2.9% contraction, the economy remains on a gradual recovery path and this was a change in pace largely attributable to thenegative contribution of inventory investment and does not indicate an economic downturn; however, the economic data was weak, with bothconsumer spending and capital expenditure that drive domestic demand falling for two consecutive quarters, serving as a reminder that theeconomic recovery lacks dynamism. On the other hand, the trend towards economic recovery was maintained, and it is considered likely that
real GDP growth will return to positive territory in October-December 2023 and beyond. Factors behind this return to positive growth include
continued improvement in the employment situation and continued nominal pay growth, and strong appetite for capital expenditure in thecorporate sector, in addition to receding downside risks from overseas economies. Mitsubishi UFJ Research & Consulting Co., Ltd. forecasts
gradual economic recovery in the second half of fiscal 2023 and real GDP growth of 1.5% YoY for fiscal 2023. The economy is expected tocontinue gradually recovering in fiscal 2024 with real GDP growth of 1.0% year on year, extending the years of consecutive growth to four.
However, there is a risk that the growth pace could slow, given that it is assumed the government will terminate its anti-inflation measures in
April 2024, raising concern over the impact of commodity price movements alongside rises in labor and distribution costs as the effects of themeasures effects fade, and and given also that other negative factors stemming from a slowdown in overseas economies and labor
shortages could also come into play.
The Russian invasion of Ukraine triggered a global price surge in energy resources in 2022. In addition, the yen depreciated sharply,
severely impacting the Japanese economy. Although constraints on energy supply have been continuing, mainly because of the prolonged
invasion, crude oil prices have been weak recently and, in October 2023, OPEC+ oil producers postponed further output cuts, andagreement on additional coordinated output cuts in talks on the group’s crude oil output policy in November 2023 was also postponed. The
U.S. dollar-yen exchange rate market has also regained its calm after the US dollar peaked against the yen.
At the financial policy decision meeting on January 22-23, 2024, the Bank of Japan decided to maintain its current monetary easing
policy, and to maintain monetary easing measures such as negative interest rates and yield curve control (YCC). The Outlook Report
released at the same time lowered the core CPI outlook for fiscal 2024 from 2.8% to 2.4% but indicated that the prospects of achieving its
2% inflation target towards the second half of fiscal 2025 seem to be gradually rising.
Meanwhile, during the fiscal period under review, conditions in the market for listed infrastructure funds were such that investment
corporations maintained relatively stable operations even in the economic environment described above. The TSE Infrastructure Fund Index
remained stable in the second half of 2023, as in the first half, even as other indexes such as the Nikkei Stock Average and TOPIX hit avolatile patch from July during the same period. However, from late November, the TSE Infrastructure Fund Index entered a downward
phase, partly due to a sharp increase in trading volume due to sales on the part of certain large investors. There had been a sustained
period of calm after the index hit its highest level during the period at 1,163.04 on September 22; however, it began falling from the end of
November, reaching a low of 1,057.94 on December 26, and ended the fiscal period at 1,077.32 on December 29.
“Output curtailment,” which is implemented by an electricity transmission and distribution business operator (Note 1) to adjust the supplydemand balance, was implemented with respect to “renewable energy power generation facilities” (Note 2) held by CSIF, for zero days in
July, two days in August, six days in September, 24 days in October, 15 days in November, and three days in December, making a total of
50 days during the period under review. The number of days of output curtailment and output curtailment frequency were much higher thanin the same period of the previous year. However, most of the output curtailment was implemented with respect to CS Kama-shi Power Plant
and CS Miyako-machi Saigawa Power Plant in the Kyushu Electric Power jurisdiction that are under the rule of unlimited output curtailment
without compensation (Note 3), and the impact on the portfolio as a whole was limited. A possible factor behind this result is that, at otherrenewable energy power generation facilities owned by CSIF in the Kyushu Electric Power jurisdiction, all of which operate under the 30 day
rule, the number of days of output curtailment as of the end of June 2023 was already close to 30. In addition, the effect of transition to theonline output curtailment framework in the Kyushu Electric Power jurisdiction also helped suppress projected amounts of loss in variable
rents (Note 4). In this regard, although output curtailment exceeding the effect of transition occurred in the previous fiscal period, such asituation was not reached in the fiscal period under review as the frequency of output curtailment itself was lower than in the previous fiscal
period.Areas for output curtailment in renewable energy sources have been steadily expanding, and output curtailment has been
implemented in all areas excluding the jurisdiction of Tokyo Electric Power with the commencement of output curtailment in Kansai ElectricPower in June 2023. The number of days of output curtailment implemented at renewable energy power generation facilities owned by CSIF
outside the Kyushu Electric Power jurisdiction during the period from January to June 2023 was three days in the Chugoku Electric Powerjurisdiction; however, during the fiscal period under review, output curtailment frequency across the country has also increased in thejurisdictions of Chugoku Electric Power, Tohoku Electric Power and Chubu Electric Power and we consider it necessary to continuously
monitor relevant developments in the future. However, we consider that the effect of output curtailment on our revenue for the current fiscal
period (until March 31, 2024) will be limited, because most of the power plants held by CSIF in the Kyushu Electric Power jurisdiction are
under the old rule (30-day rule) and because the number of days when output curtailment was implemented in the said jurisdiction as of the20

end of June 2023 was close to 30 days.
The 6th Strategic Energy Plan approved by the Cabinet in October 2021 had two key themes: to indicate the direction of energy policies
for the achievement of carbon neutrality by 2050 (declared in October 2020), the new target of a 46% reduction in greenhouse gas
emissions by fiscal year 2030 and a further reduction of as high as 50% (declared in April 2021) (Note 5); and to overcome issues in Japan’s
energy supply-and-demand structure (Note 5). Furthermore, in connection with the second theme, it states that, on the premise that safety
be guaranteed first and foremost, Japan will strive to ensure a stable energy supply and reduced costs (S+3E) while pursuing measures to
respond to climate change (Note 5).
The ambitious new power-source composition for 2030 would be 36-38% for renewable energy (up from 22-24% in the previous projectedmix), approximately 1% for hydrogen and ammonia (up from nearly 0%), 20-22% for nuclear power (unchanged), around 20% for LNG(down from 27%), around 19% for coal (down from 26%) and approximately 2% for oil (down from 3%). The renewable energy mix would bearound 14-16% for solar power, around 5% for wind power, approximately 1% for geothermal power, nearly 11% for hydroelectric power andaround 5% for biomass (Note 5).
In April 2022, the 2020 revision of the Act on Special Measures Concerning Promotion of Utilization of Electricity from Renewable Energy
Sources came into force to introduce a system for reserving funds for the future discarding and other disposal of solar power generation
facilities (Note 6). First, this system is applicable for all solar power generation projects with an output of 10 kW or more approved for a feedin tariff (FIT) or feed-in premium (FIP) scheme, including projects with multiple solar power generation facilities. Second, this system obliges
the approved operators to, in principle, externally reserve funds for disposal at the Organization for Cross-regional Coordination ofTransmission Operators, Japan through direct withholding of the required amounts from revenue. However, in exceptional cases, internal
reserve will be permitted provided certain requirements are satisfied, and listed infrastructure funds will also be permitted to opt for internal
reserve upon satisfying certain conditions such as recording funds in their financial statements in an appropriate manner.
After an extended review, policies for introducing generation-side charges were established, and a detailed policy design was published in
April 2023 in the Interim Report on the Introduction of Generation-side Charges compiled by the Specialized Meeting for Policy Design ofElectricity and Gas Market Surveillance Commission. The said report stated that, while all power sources that are connected to the grid andsupply electricity at the same time are basically billable, the subcommittee for the large-scale introduction of renewable energy and next
generation electricity network confirmed that points were summarized as follows: (1) FIT- and FIP-approved power sources will be subject togeneration-side charges after the end of their FIT or FIP term; (2) Consideration will be given when purchase prices, etc. are calculated for
newly approved FIT- or FIP- sources; (3) Operators of non-FIT sources and those which have ceased to be under the FIT scheme will be
encouraged to take some creative measures (bilateral contracts, etc.) and to smoothly incorporate generation-side charges into selling
prices; and (4) For pumped storage power generation and storage batteries, charges based on kilowatts alone be levied and those based on
kilowatt-hours be exempted, given that financial burdens would be heavier than those on other power sources.
Under these conditions, CSIF acquired five new facilities on July 19, 2023 and one new facility on December 1, 2023 during the fiscal
period under review. Its portfolio consisted of 31 facilities (with a total panel output (Note 7) of 226.4 MW, a total acquisition price (Note 8) of¥97,010 million, and a total price (Note 9) of ¥88,750 million as of the end of the fiscal period under review. CSIF continued to build its
portfolio, aiming for the new mid-term objective of ¥200,000 million set in 2023.

(Note 1) For the purposes of this report, the term “electricity transmission and distribution business operator” collectively refers to a general electricity transmission anddistribution business operator (refers to a “general electricity transmission and distribution business operator” defined in Article 2, Paragraph 1, Item 9 of theElectricity Business Act (Act No. 170 of 1964; including subsequent amendments; hereinafter referred to as the “Electricity Business Act”) and specified
electricity transmission and distribution business operator (refers to “specified electricity transmission and distribution business operator” defined in Article 2,
Paragraph 1, Item 13 of the Electricity Business Act).
(Note 2) For the purposes of this report, the term “renewable energy power generation facilities” refers to renewable energy power generation facilities (excluding
facilities falling under the category of real estate) defined in Article 2, Paragraph 2 of the Act on Special Measures Concerning Promotion of Utilization ofElectricity from Renewable Energy Sources (Act No. 108 of 2011, including subsequent amendments; hereinafter referred to as the “Renewable Energy Special
Measures Act.” The Renewable Energy Special Measures Act before amendment based on the Act for Partial Amendment of the Act on Special Measures
Concerning Procurement of Electricity from Renewable Energy Sources by Electricity Utilities (Act No. 59 of 2016) is referred to as the “2016 Renewable
Energy Special Measures Act” and the Renewable Energy Special Measures Act after amendment based on the Act to Partially Amend the Electricity BusinessAct and Other Acts in Order to Establish a Resilient and Sustainable Electricity Supply System (Act No. 49 of 2020) is referred to as the “2020 Renewable
Energy Special Measures Act.”) For the purposes of this report, “renewable energy generation facilities, etc.” refers collectively to renewable energy generation
facilities, and real estate, real estate leases (includes subleases) and land lease rights (hereinafter referred to as the “site, etc.”) necessary to install maintainand operate renewable, energy generation facilities. Hereinafter, any mention of “renewable energy power generation facilities” or “renewable energy power
generation facilities, etc.” which CSIF is said to have invested in or acquired or operate shall also cover “renewable energy power generation facilities” and“renewable energy power generation facilities, etc.” that support CSIF’s assets under management. The same shall apply hereunder. Renewable energy may
also hereinafter sometimes be referred to as “renewables.”(Note 3) Even when a grid-connected business operator has implemented the preventive measures defined in the Ordinance for Enforcement of the Act on Special
Measures Concerning the Promotion of the Use of Renewable Energy Electricity (METI Ordinance No. 46 of 2012, including subsequent amendments), if theamount of electricity supplied by grid-connected business operators is expected to exceed demand, output curtailment without compensation under theconnection agreement may be required. The rule setting the maximum number of days of such output curtailment at 30 days a year (360 hours a year in somecases) is referred to as the “30-day rule” (the rule when the maximum duration is 360 hours a year is referred to as the “360-hour rule”) and the 30-day rule andthe 360-hour rule are referred to collectively as the “old rule.” The rule under which there is no maximum duration such as the above and unlimited output
curtailment without compensation could be required is referred to as the “rule of unlimited output curtailment without compensation.” The same applies
hereinafter.
(Note 4) Projected amount of loss in variable rent means total performance co-varying rent lost in the day when output curtailment is implemented at individual power
plants in CSIF’s portfolio subject to output curtailment. Projected amount of loss in variable rent in the day when each output curtailment is implemented at
individual power plants in CSIF’s portfolio is calculated using the following formula:
Projected amount of loss in variable rent = Forecast Power Generation (P50) at the said power plants in CSIF’s portfolio in the month that includes the said day/ number of days in the said month × 30% × purchase priceFor a definition of “energy output value projected by professional specialists (P50)” in the context of this report, please refer to “Assumptions Underlying
Forecast of Management Status for, Fiscal Period Ending June 30, 2024 (January 1, 2024 to June 30, 2024), Fiscal Period Ending December 31, 2024 (July 1,
2024 to December 31, 2024) and Fiscal Period Ending June 30, 2025 (January 1, 2025 to June 30, 2025).” The same applies hereinafter.
(Note 5) All the above information is based on the “Outline of the Basic Energy Plan” published by the Agency for Natural Resources and Energy in October 2021.
(Note 6) The term “photovoltaic power generation facilities” refers to renewable energy power generation facilities that generate electricity using sunlight as an energy
source. The same shall apply hereunder. The term “photovoltaic power generation facilities” refers to photovoltaic power generation facilities as well as theirsite, etc. The same shall apply hereunder.
(Note 7) “Panel output” shall mean output calculated by multiplying rated output per solar cell module (meaning the maximum output stated in specifications of solar cell
module) used in each solar energy facility by the total number of panels. “Total panel output” shall mean the total panel output rounded off to one decimal place.
The same shall apply hereunder.
(Note 8) The term “acquisition price” represents transaction price (excluding remuneration for business outsourcing concerning the acquisition of assets and otheracquisition costs, property taxes, city planning taxes, amount equivalent to consumption taxes, etc. and other commissions, etc.; the same shall apply
hereunder) specified in the sales agreement for each asset held. The term “total acquisition price” is total of the transaction prices specified in the sales
agreements for all the assets held rounded down to the nearest ten million yen. The same shall apply hereunder.
(Note 9) “Appraisal value of power plant” means (1) the median calculated by CSIF based on the appraisal values of a power plant shown in valuation reports with thedate of value opinion on December 31, 2023 from PricewaterhouseCoopers Sustainability LLC or Kroll International Inc. to whom appraisal of the power plantconsisting of a photovoltaic system and land on which such system is installed was entrusted by CSIF or (2) the median of the business value of the power21

Ⅰ. Asset Management Report(3) Summary of Public Offering etc.

plant shown in valuation reports.

c. Overview of Financing
In the fiscal period under review, CSIF issued new investment units (62,000 units) through public offering on July 18, 2023 and issued
new investment units (3,100 units) through third-party allotment on August 10, 2023, raising ¥7,322 million as a result. CSIF also procured
debt finance, with long-term borrowings of ¥11,600 million and short-term borrowings of ¥1,100 million., CSIF made a contractual repaymentof ¥1,467 million at the end of the fiscal period under review, bringing the total amount of interest-bearing debt as of the end of the fiscal
period under review to ¥47,776 million (amount of borrowings ¥42,876 million and amount of investment corporation bonds ¥4,900 million).
Consequently, the ratio of interest- bearing debt to total assets (ratio of interest-bearing debt to total assets at the end of fiscal period) was
50.3%.
As of the date of this document, CSIF received a bond rating for investment corporation bonds from the following rating agency.

Rating Subject

RatingRating OutlookA－

The 1st Unsecured Investment Corporation Bond (Specified
investment corporation bonds with limited inter-bond pari

The 1st Unsecured Investment Corporation BondA

Information, Inc. (R&I)

Ltd. (JCR)

RatingA-

A

Stable(Note) Projected energy output (P50) represents the output that is viewed to be achievable with a 50% probability by the third-party providers of the technical reports andother experts. The same applies hereinafter.

Establishment upon private
placement
Capital increase by public
offering
Capital increase by thirdparty allotment
Capital increase by public
offering
Cash distribution in excessof earnings (refund ofinvestment)
Capital increase by thirdparty allotment
Cash distribution in excessof earnings (refund ofinvestment)
Cash distribution in excessof earnings (refund ofinvestment)
Cash distribution in excessof earnings (refund ofinvestment)
Cash distribution in excessof earnings (refund ofinvestment)

Balance

Total amount of unitholders' capital(Note 1) (million yen)
ChangeRemarks

Balance

1,500

1,500

150

150

(Note 2)

177,800

179,300

16,891

17,041(Note 3)2,890

182,190274

17,315(Note 4)

46,667

228,857

4,509

21,824(Note 5)－

228,857(147)

21,677(Note 6)2,333

231,190

225

21,902(Note 7)－

231,190(420)

21,482(Note 8)－231,190(133)

21,349(Note 9)－231,190(309)

21,039(Note 10)－

231,190(163)

20,876(Note 11)

Capital increase by public
offering

151,500

382,690

18,10638,982(Note 12)

March 16, 2021

Cash distribution in excessof earnings (refund ofinvestment)－

382,690(138)

38,843(Note 13)

April 7, 2021

Capital increase by thirdparty allotment

3,966

386,656474

39,317(Note 14)-386,656(357)

38,960(Note 15)-

386,656(327)

38,632(Note 16)-

386,656(236)

38,396(Note 17)

Positive

Long-term Issuer Rating

Total number of investment units
issued and outstanding (units)

March 5, 2021

Rating Outlook

d. Overview of Business Performance and Distribution
As a result of the management described above, the business results in the fiscal period under review included operating revenue of¥4,537 million, operating income of ¥1,846 million, ordinary income of ¥1,386 million, and net income of ¥1,385 million.
With respect to distributions, the cash distribution policy set out in Article 47, Paragraph 1 of the Articles of Incorporation of theInvestment Corporation stipulates that the amount of distributions shall exceed the amount equivalent to 90% of “profit available for
distribution” as provided for in Article 67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of 1957 including
subsequent amendments, hereinafter the “Special Measures Taxation Act”).
In addition, distributions in excess of earnings are calculated on the premise that such distributions will generally be made inaccordance with the cash distribution policy prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset management
guidelines formulated as part of its internal regulations.
CSIF intends to make cash distributions to its unitholders for each fiscal period from free cash flow (hereinafter referred to as “FCF”)
generated by its renewable energy power generation facilities, in amounts determined in the following manner. The amount available for
distribution shall be calculated by multiplying FCF, that is net cash flow (hereinafter referred to as “NCF”; CSIF shall incorporate the total
amount of NCF remaining after deducting distributions for the preceding fiscal periods in calculating NCF) to be vested to equity investors
after deducting FCF payable to debt investors, by a certain ratio (hereinafter referred to as “payout ratio”; the payout ratio for the 13th
fiscal period is 91.6%) determined by CSIF in light of the amount of NCF for each fiscal period.
At the same time, CSIF intends to maintain a stable level of distributions for the time being. In determining the payout ratio describedabove, CSIF will consider the forecast NCF for each fiscal period to realize that level of distributions.
In addition to a cash distribution within the range of profit, CSIF intends to make distributions in excess of earnings for each fiscal
period on a continuous basis in order to realize this policy.
In developing its performance forecast (including any revisions thereof) for each fiscal period, in the case where NCF calculated from
actual energy output in a fiscal period (hereinafter referred to as “actual NCF”; CSIF shall incorporate the total amount of NCF remaining
after deducting distributions for the preceding fiscal periods in calculating actual NCF) exceeds NCF projected for the fiscal period(hereinafter referred to as “projected NCF”; CSIF shall incorporate the total amount of NCF remaining after deducting distributions for thepreceding fiscal periods in calculating projected NCF) on the basis of an energy output value projected by professional specialists (P50)(Note) which forms the foundation for the calculation of rents with regard to the renewable energy power generation facilities, CSIF
intends to limit the cash distribution to the amount of projected NCF multiplied by the payout ratio for said fiscal period.
On the other hand, in the case where actual NCF is equal to or below projected NCF, CSIF intends to make a cash distribution for the
fiscal period at the amount of actual NCF multiplied by the payout ratio.
Based on the above policy, CSIF decided to make a distribution for the fiscal period under review of ¥1,694,085,000, equivalent to91.6% of projected NCF for the period of ¥1,850,262,805. Dividend per investment unit is ¥3,750 for the fiscal period under review.

22

October 4, 2018

September 15, 2020

Rating status of CSIF as of the date of this document

Japan Credit Rating Agency,

September 14, 2018

March 17, 2020

CSIF received a credit rating from the following rating agency.

Rating and Investment

November 28, 2017－

(Green bonds)

Rating Subject

October 27, 2017

September 17, 2019(Specified investment corporation bonds with limited interbond pari passu clause)

Rating Agency

May 18, 2017

March 14, 2019

passu clause and for qualified institutional investors only)
Japan Credit Rating
Agency, Ltd. (JCR)

Event

ChangeSeptember 5, 2018

Rating status of CSIF as of the date of this document
Rating Agency

Date

September 15, 2021
March 15, 2022
March 14, 2023

Cash distribution in excessof earnings (refund ofinvestment)
Cash distribution in excessof earnings (refund ofinvestment)
Cash distribution in excessof earnings (refund ofinvestment)

July 18, 2023

Capital increase by public
offering

62,000448,656

6,973

45,369(Note 18)

August 10, 2023

Capital increase by thirdparty allotmen

3,100

451,756

348

45,718(Note 19)

September 15、2023

Cash distribution in excessof earnings (refund ofinvestment)-

451,756(446)

45,271(Note 20)

(Note 1) The amount of deduction of total amount of unitholders’ capital is deducted.
(Note 2) In the establishment of the CSIF, the investment units were issued at an issue price of ¥100,000 per unit. The party who applied for subscription of investment units upon
the establishment is Canadian Solar Projects K.K.
(Note 3) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of ¥100,000 (issue value of¥95,000) per unit.
(Note 4) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue value of ¥95,000 per unit for the purpose of appropriation to a part of
the funds for acquisition of specified assets or part of repayment of borrowings.
(Note 5) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of ¥102,180 (issue value of¥96,625) per unit.
(Note 6) CSIF decided, at a meeting of its Board of Directors held on August 14, 2018, to pay a cash distribution in excess of earnings (refund of investment) in an amount of ¥808
per unit for the second fiscal period (ended June 30, 2018), and began to pay it from September 14, 2018.
(Note 7) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥96,625 per unit for the purpose of appropriation to a part of
the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 8) CSIF decided, at a meeting of its Board of Directors held on February 15, 2019, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥1,817 per unit for the third fiscal period (ended December 31, 2018), and began to pay it from March 14, 2019.
(Note 9) CSIF decided, at a meeting of its Board of Directors held on August 13, 2019, to pay a cash distribution in excess of earnings (refund of investment) in an amount of ¥577
per unit for the forth fiscal period (ended June 30, 2019), and began to pay it from September 17, 2019.
(Note 10) CSIF decided, at a meeting of its Board of Directors held on February 13, 2020, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥1,340 per unit for the fifth fiscal period (ended December 31, 2019), and began to pay it from March 17, 2020.
(Note 11) CSIF decided, at a meeting of its Board of Directors held on August 14, 2020, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥708 per unit for the sixth fiscal period (ended June 30, 2020), and began to pay it from September 15, 2020.
(Note 12) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of ¥125,115 (issue value of¥119,517) per unit.
(Note 13) CSIF decided, at a meeting of its Board of Directors held on February 17, 2021, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥601 per unit for the seventh fiscal period (ended December 31, 2020), and began to pay it from March 16, 2021.
(Note 14) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue value of ¥119,517 per unit for the purpose of appropriation to a part23

Ⅰ. Asset Management Reportof the funds for acquisition of specified assets or part of repayment of borrowings.
(Note 15) CSIF decided, at a meeting of its Board of Directors held on August 13, 2021, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥924 per unit for the eighth fiscal period (ended June 30, 2021), and began to pay it from September 15, 2021.
(Note 16) CSIF decided, at a meeting of its Board of Directors held on February 14, 2022, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥848 per unit for the ninth fiscal period (ended December 31, 2021), and began to pay it from March 15, 2022.
(Note 17) CSIF decided, at a meeting of its Board of Directors held on February 15, 2023, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥612 per unit for the eleventh fiscal period (ended December 31, 2022), and began to pay it from March 14, 2023.
(Note 18) New investment units were issued at an issue price of 117,292 yen per unit (issue value of 112,480 yen per unit) through public offering in order to raise funds foracquiring specified assets, etc.
(Note 19) New investment units were issued at an issue value of 112,480 yen per unit by way of third-party allotment to Mizuho Securities Co., Ltd. in order to appropriate part of
the funds for acquiring specified assets or for debt payments.
(Note 20) At a meeting of the Board of Directors of the CSIF held on August 17, 2023, it was resolved to make distributions in excess of earnings (contribution refunds) at an
amount of 1,155 yen per unit as a cash distribution payable for the 12th fiscal period (year ended June 30, 2023). Payments began to be made on September 15, 2023.

(4) Historical Distributions

Based on the unappropriated earnings of JPY 1,385 million for the 13th FP, excluding fractions of the distribution per unit that are less than
JPY 1, JPY 1,385 million is the distribution for profit, and JPY1 million as the distribution for the allowancefor adjustment for temporary
difference, and JPY 306 million as the distribution as Redemption of Capital based on Tax Law are the distribution in excess of earnings. As
a result, JPY 3,750 is the DPU for the period.
l Period
Unappropriated Earnings or Undisposed Losses(in JPY thousand)9th FP

10th FP

11th FP

12th FP

13th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

Fr. Jul. 1, 2022
To Dec. 31, 2022

Fr. Jan. 1, 2023
To Jun. 30, 2023

Fr. Jul. 1, 2023
To Dec. 31, 2023

1,122,287

1,509,284

1,213,566

1,003,421

1,385,723

Retained Earnings (in JPY thousand)Total Distribution (in JPY thousand)

211

165

239

49

187

1,449,960

1,509,118

1,449,960

1,449,960

1,694,085(3,750)(3,903)(3,750)（3,750）（3,750）Distribution for Profit (in JPY thousand)(DPU, in JPY)

1,122,075

1,509,118

1,213,326

1,003,372

1,385,535(Distribution for Profit per Unit, in JPY)

(2,902)(3,903)(3,138)（2,595）（3,067）

Distribution in Excess of Earnings (in JPY
thousand)

327,884－

236,633

446,587

308,549(Distribution in Excess of Earnings per Unit, in
JPY)

(848)

(－)

(612)

（1,155）（683）

Distribution from Allowance for Adjustment for
Temporary Difference out of Distribution in Excessof Earnings (in JPY thousand)

－

－

－

－

1,807

(Distribution from Allowance for Adjustment for
Temporary Difference per Unit out of Distribution in
Excess of Earnings per Unit, in JPY)

(－)

(－)

(－)

（－）

（4）

327,884－

236,633

446,587306,742

(848)

(－)

(612)

（1,155）（679）

Distribution as Redemption of Capital based on
Tax Law (in JPY thousand)(Distribution as Redemption of Capital based on
Tax Law, in JPY)

(Note) The fund had made distribution in excess of earnings every FP based on its article 47.2. Based on this policy, JPY 308 mln which is 18.2% of the depreciation expenses
JPY 1,694 mln (of which JPY 1 mln ia the distribution for the allowance for adjustment for temporary difference), is to be distributed as the distribution in excess of earnings(Distribution as Redemption of Capital based on Tax Law). As a result, the total JPY 3,750 of JPY 3,067 as the distribution for profit and JPY 683 as the distribution inexcess of earnings is DPU for the 13th FP.

(5) Operational Policy and Agendas in the Futurea. Outlook for the Future Management
Considering the economic outlook in Japan during the first half of 2024, the Japanese economy weathered the COVID-19 pandemic, andeconomic activity has resumed. As for the global surge in prices for energy resources caused by Russia’s invasion of Ukraine and theworldwide increase of interest rates, although the situation in overseas markets especially the U.S. has calmed down recently, their impact
on the domestic economy needs to be kept under scrutiny, as, in Japan, the zero interest policy is expected to be lifted in the coming
months. Meanwhile, on the stock market, the Nikkei Stock Average has consistently performed strongly since the start of 2024, rising overseven consecutive trading days and crossing the 36,000 yen mark for the first time in around 34 years (since February 1990), and, as in
2023, a rising market is expected.
With respect to the environment surrounding photovoltaic power generation facilities that are included in renewable energy power
generation facilities, the 6th Basic Energy Plan states that a crucial part of energy policies for 2030 (Note 1) is to ensure, with “S+3E” as thebasic premise, that renewables become a major power source and to focus on renewables as an overriding principle, encouraging maximum
adoption whilst reducing the impact on Japanese people and seeking co-existence with local communities (Note 1), and the 2030 energy mix
also indicates an increase in the share of renewables, setting ambitious forecasts.
However, as stated in “(I. Overview of the Fiscal Period under Review) b. Investment Environment and Management Performance for the
Fiscal Period Under Review” above, the output curtailment that requires renewable energy power generation operators to temporarilysuspend power generation through photovoltaic power generation facilities, etc. was resumed in areas under the jurisdiction of Kyushu
Electric Power from October 2019. In addition, some output curtailments were introduced in the Tohoku Electric Power, Chugoku ElectricPower and Shikoku Electric Power jurisdictions in April 2022 and in the Hokkaido Electric Power jurisdiction in May 2022. And also the
Okinawa Electric Power, in January 2023 and the Chubu Electric Power the Hokuriku Electric Power in April 2023, the Kansai Electric Powerin June 2023 have started. It was also announced that 10-500 kW commercial solar photovoltaic systems connected to the grid under the oldrule, which were previously not subject to output curtailment, will also become subject to output curtailment. Furthermore, regarding the new
package of measures for the reduction of renewable energy output curtailment, which has been discussed by experts for some time underthe basic policy of scaling back output curtailment of renewable energy, at “The Sectional Meeting on Energy Saving and New Energy underthe Advisory Committee for Natural Resources and Energy; and the Subcommittee on Mass Introduction of Renewable Energy and NextGeneration Electricity Networks” held on December 19, 2023, a draft summary of a new package of measures for the reduction of renewableenergy output curtailment was presented. This draft proposes adoption of a framework under which use of renewable energy is prioritizedthrough supply-side measures such as bringing more renewable energy power generation facilities online and lowering the minimum outputof new thermal power plants, alongside the promotion of behavioral changes and renewable energy use among customers during output
curtailment time slots through demand-side measures such as creating demand through the introduction of storage batteries, renewableenergy storage batteries and electrolyzers and supporting the introduction of storage batteries and the installation of communication control
units at operator owned facilities, as well as the development of an environment for increasing the uptake and resilience of renewable energy
through power grid measures such as expanding inter regional transmission through a review of grid operation and further augmentation of24

25

Ⅰ. Asset Management Reportinterregional grids. With the adoption of a seamless package of measures as above, going forward measures for reducing the output control
is expected to be further reinforced compared with this year.
As mentioned in b. Investment Environment and management performance for the fiscal period under review in Overview of the Fiscal
Period under Review above, the exemption of FIT- or FIP- approved power sources from generation charges during their FIT or FIP term
was decided. This means that it would no longer be necessary to take into account the negative impact, which was expected to be imposedon CSIF's management on performance in and after 2024.
(Note 1) All the above information is based on the “Outline of the Basic Energy Plan” published by the Agency for Natural Resources and Energy in October 2021.

b. Future Management Policy(i) External Growth Strategy
The Canadian Solar Group (Note 1), which is the Sponsor belongs, adopts the vertical integration model (Note 2) that has developed
mainly in the photovoltaic power generation market in Europe and America and applies this model in the global market, including Japan.
CSIF considers that mutual cooperation between the Group and CSIF (engaging in investment in and management of photovoltaic power
generation facilities) through the Sponsor Group (Note 4) based on the vertical integration model for the construction of the value chain (Note5) with the aim of creating mutual value should lead to the enhancement of value for unitholders.
Specifically, CSIF intends to acquire promising solar power generation facilities developed by the Sponsor Group to increase assets
utilizing the preferential trading negotiation right granted by the Sponsor Group.
Further, CSIF will strive to diversify acquisition routes, including acquiring assets from third parties through the Asset Manager’s own
network, whilst at the same time putting emphasis on acquisitions from the Sponsor. Moreover, CSIF will aim for further external growththrough the use of diverse acquisition methods, including acquiring assets via the Japan Green Infrastructure Fund, which was establishedby The Canadian Solar Group and invests in renewable energy power generation facilities, etc. in Japan, and the bridge fund, in addition to
direct acquisitions from sellers.
Toward CSIF’s growth in the future, the transfer of CS Azuma Kofuji Solar Power Plant, which was the sponsor’s largest development
project (100MW) in Japan and was among Japan’s largest projects, to the bridge fund was completed on May 31, 2023. The Asset Manager
has preferential negotiation rights to purchase the said power plant for future acquisition by CSIF.Meanwhile, most recently, an acquisition by
the bridge fund has also been completed with respect to a power plant facility developed by a third party, in a bid to further accelerate
external growth forward.
(Note 1) The “Canadian Solar Group” refers to the consolidated corporate group with Canadian Solar Inc. (headquartered in Canada) at the top to which the Sponsor(Canadian Solar Projects K.K.) belongs. The same shall apply hereunder.
(Note 2) The term “vertically integrated model” means a business model where a broad spectrum of business domains across the photovoltaic market, ranging from theplanning, manufacture and sales of solar modules to the provision of EPC and O&M (Note 3) services, are vertically integrated. The same shall apply
hereunder.
(Note 3) “O&M” is an abbreviation of Operation & Maintenance. The same shall apply hereunder.
(Note 4) The “Sponsor Group” collectively refers to (i) the Sponsor (Canadian Solar Projects K.K.), (ii) special purpose companies (they may be hereinafter referred to as“SPCs”), partnerships or other funds with which the Sponsor has entered into the asset management service agreement, (iii) Canadian Solar O&M Japan K.K.
(it may be hereinafter referred to as “CSOM Japan”) and (iv) special purpose companies, partnerships or other funds in which the Sponsor or its subsidiary own
a majority interest. The same shall apply hereunder.
(Note 5) The term “value chain” generally refers to a relationship between processes such that value is added cumulatively to products and services with each process.

environmental benefits, covering debt financing such as green bonds and green loans, and on May 11,2020, CSIF acquired the highest
green finance evaluation of Green 1(F) for the Green Finance Framework from Japan Credit Rating Agency, Ltd. (JCR), which is anindependent rating agency. Subsequently, CSIF revised the green finance framework as of June 30, 2023 so that the framework would beapplied to equity finance including the issuance of investment units at the time of offering investment units. The revised green financeframework acquired a third-party evaluation of Green1 (F) in Green Finance Framework Evaluation conducted by JCR.
Updated onJune 30, 2023

Evaluating Agency
Japan Credit Rating
Agency, Ltd. (JCR)

Evaluation
OverallGreen 1 (F)Greenness (use of proceeds)g 1 (F)Management, Operation and Transparency

m 1 (F)CSIF successively signed specified wholesale supplying agreements with Zero Watt Power Inc. for CS Izu-shi Power Plant, CS Ogawaramachi Power Plant, CS Mashiki-machi Power Plant and CS Hiji-machi Dai-ni Power Plant. These plants are part of the assets owned by
CSIF. The agreements help these electricity retailers sell FIT electric power (Note 1) or electric power effectively derived from renewableenergy (Note 2). In addition, CSIF announced the Notice concerning the Conclusion of an Agreement Concerning the Granting of Tracking
Information on Solar Power Plants Owned by CSIF on September 29, 2022. As was mentioned there, CSIF signed a new agreement withpower consumer, unidentified under non-disclosure agreements with them, for the granting of information on renewable energy power plants(hereinafter referred to as “tracking information”) added to the FIT Non-Fossil Certificates for CS Daisen-cho Power Plant (A), CS Daisencho Power Plant (B) and CS Marumori-machi Power Plant. CSIF is thus taking actions towards decarbonization in response to the increasingneeds of power consumers for renewable energy. These actions also support the global RE100 initiative, which aims to make 100% of theenergy consumed in business activities renewable energy.
(Note 1) A FIT Non-Fossil Certificate is a certificate representing the renewable energy value of the electric power purchased under the FIT scheme that is traded on the
Non-Fossil Value Trading Market operated by Japan Electric Power Exchange (hereinafter referred to as “JPEX”).
(Note 2) Part of the expenses for procuring FIT electric power is covered by the FIT surcharges paid by power consumers. Electricity retailers need to inform of this toconsumers.
(Note 3) To present to consumers that the electric power they sell is effectively derived from renewable energy, electricity retailers must separately purchase non-fossil
certificates according to the energy output sold and use them.

(iii) Financial Strategy
To secure stable revenue and ensure the growth of the managed assets of CSIF, CSIF will consider financing by public offering,borrowings and other means in the acquisition of new assets, while watching changes in the financing environment closely.

(6) Facts arising after the settlement of accounts

Not applicable.

(ii) Internal Growth Strategy
In circumstances where domestic power consumers are increasingly required to participate in decarbonization initiatives around the world,
CSIF started a new approach in September 2022 to grant to power consumers tracking information (information regarding renewable energy
power plants attached to FIT Non-Fossil Certificate (Note 1)) for CS Daisen-cho Power Plant (A), CS Daisen-cho Power Plant (B) and CS
Marumori-machi Power Plant. The initiative aims to satisfy power consumers’ need to achieve RE100 (Renewable Energy 100%) and has
achieved the receipt of ¥0.2/kWh in addition to CSIF’s FIT unit price. Moreover, agreements on the specified wholesale supply of renewableenergy were concluded with electricity retailers regarding CS Hiji-machi Dai-ni Power Plant in April 2023, and CS Mashiki-machi Power
Plant, CS Izu-shi Power Plant and CS Ogawara-machi Power Plant in June 2023. As a result, CSIF was able to double the unit price to¥0.2/kWh in addition to CSIF’s FIT unit price.
CSIF will contract out O&M to CSOM Japan, which is part of the Canadian Solar Group and provides O&M services in Japan, in principle,
for the availability of homogeneous O&M services to the extent that CSIF considers essential.By making the most of the strong operationand management abilities realized by utilizing the global monitoring platform of the Canadian Solar Group in the early discovery and repair of
failures of power generation facilities, CSIF will aim to reduce the loss of power generation. In addition, CSIF will implement the appropriate
repair and facilities replacement of assets under management to maintain and enhance the value of assets from the medium- to long-term
perspective, thereby securing stable revenue in the medium to long term.
In response to the output curtailment implemented by Kyushu Electric Power described in b. Investment Environment and Management
Performance for the Fiscal Period Under Review in in I. Overview of the Fiscal Period under Review above, CSIF carried out the modificationof individual power plants in its portfolio to support online output curtailment (which refers to output curtailment of photovoltaic power
generation facilities with a remote output controller installed, the same applies below) as it did in the previous fiscal period. While all theCSIF-owned power plants in the area served by Kyushu Electric Power are subject to the 30-day rule for output curtailment, the above
modifications required for online output curtailment led to a shift from the previous all-day curtailment to hourly curtailment and opened theway for controlling the decrease in lease revenue due to a decline in energy output for reason of output curtailment. In addition, curtailment
within a day is counted as one day regardless of the duration, which allows the power plant to respond to output curtailment during peakdemand for electricity while complying with the 30-day rule. As a result of further progress shifting to the online output curtailment
arrangement, all photovoltaic power plants in Kyushu have shifted to online output curtailment. As a result, CSIF succeeded in reducing lostlease revenue due to curtailment compared with the same period of the previous year and this boosted operating revenue. In addition, CSIF
is currently gradually installing online output curtailment equipment at power plants outside the Kyushu region.
As part of its activities related to the Principles for Responsible Investment (UN PRI), the Asset Manager signed the UN PRI on August
13, 2019, and established the Approach to the Principles for Responsible Investment at the end of December 2020 as the basic ESG policyof the Asset Manager. Further, recognizing that climate change is an important environmental issue with potential risks and opportunities
when conducting business focused on the environmental pillar of ESG, we disclosed information about initiatives to address climate change
in line with the TCFD recommendations on February 14, 2022. On March 1, 2022, the Asset Manager established the Sustainability
Committee, which will be required to report to CSIF’s Board of Directors at least twice a year going forward. Meanwhile, CSIF established agreen finance framework (hereinafter referred to as the “Green Finance Framework”) for the financing of activities that will provide

26

27

Ⅰ. Asset Management Report(4) Asset Manager, Asset Custodian and Administrator

2. Overview of Fund Corporation

Asset manager, asset custodian and administrator as of December 31, 2023 are as follows.

(1) Summary of Invested Capital
Fiscal Period

9th FP

10th FP

11th FP

12th FP

13th FP

Dec. 31, 2021

Jun. 30, 2022

Dec. 31, 2022

Jun. 30, 2023

Dec. 31, 2023

The Number of Units Allowed for Issuance

10,000,000

10,000,000

10,000,000

10,000,000

10,000,000

Total Number of Units Issued

386,656

386,656

386,656

386,656

451,756

Unitholders’ Capital (net) (Note) (in JPY mln)

38,96038,632

38,63238,39645,271The Number of Unitholders

18,48818,48918,184

18,348

20,163(Note) Deductible amount for unitholders’ capital is deducted from the gross amount of unitholders’ capital.

Delegated Position
Asset Manager

Name
Canadian Solar Asset Management K.K.

Asset Custodian

Sumitomo Mitsui Trust Bank, Ltd.

Administrator (Institutional Operation)

Sumitomo Mitsui Trust Bank, Ltd.

Administrator (Custodian of List of Unitholders)

Sumitomo Mitsui Trust Bank, Ltd.

Administrator (Accounting)

Ernst & Young Tax Co.

Administrator (Administration of Bond)

Mizuho Bank, Ltd.

(2) Major Unitholders List

Major unitholders as of December 31, 2023 are as follows.
Name

The Number of Units Held

Ratio vs Total Number of Units Issued(%)

Canadian Solar Project K.K.

65,672

14.53

THE BANK OF NEW YORK MELLON

7,919

1.75

THE BANK OF FUKUOKA LTD.

7,830

1.73

SSBTC CLIENT OMNIBUS ACCOUNT

6,164

1.36

Custody Bank of Japan, Ltd. (trust account)

5,877

1.30

JP MORGAN CHASE BANK 385650

5,660

1.25

THE BANK OF NEW YORK

4,612

1.02

The Master Trust Bank of Japan, Ltd. (trust account)

4,353

0.96

Individual

4,210

0.93

JP MORGAN CHASE BANK 380646

4,087

0.90

Total

116,384

25.76(Note) The ratio is rounded down to two decimal places.

(3) Summary of Executives

a.Executive Director, Supervisory Director and Accounting Auditor
Position
Executive Director

Name
Hiroshi Yanagisawa

Takashi Handa
Supervisory Director
Eriko Ishii
Accounting Auditor

Grant Thornton Taiyo LLC

Concurrent Post
Representative director of Canadian Solar AssetManagement K.K.
Zuken Inc. (Audit and Supervisory board member)
Godo Kaisha Tokyo Prime Accounting Office(Representative)
Polaris Holdings Co., Ltd. (Outside Director)
Shin Saiwai Law Office (Partner, Attorney at law)
Ichigo Hotel REIT Investment Corporation (Executive
Director)－

Compensation(in JPY thousand)
－

2,400

13,000(Note 1) The executive directors and the supervisory director don’t hold the fund’s unit. Although the supervisory directors may be in a position of executive officer of any
corporations other than stated above, there is no conflict of interest related to the fund.
(Note 2) The executive director does not receive any compensation from CSIF. For the supervisory directors, the amount of compenation paid for the 13th period is stated, and forthe accounting auditor, the amount of compensation for the accounting audit for the 13th period (estimated amount) is stated.
(Note 3) Compensation for the accounting auditor includes compensation for the accounting audit for the 13th period (compensation for the auditing and attesting services) andcompensation for the preparation of the comfort letter correspondding to the additional issuance of the new investment units in July 2023 (non-audit services). Except for theabove, CSIF has not received any services from the persons who belong to the same network with the accounting auditor, and not paid any compenssation to them.
(Note 4) Overview of details of directors and officers liability insurance policy
CSIF has entered into a directors and officers liability insurance policy with an insurance company, as provided for in Article 116-3, Paragraph 1 of the Investment Trust Act.
This insurance policy covers lossses arising from claims for damages borne by the insureds due to errors, breach of duty, nonfeasance, etc.The above-mentioned Ececutive
Director and all of the Supervisory Directors are insureds under this insurance policy. However, CSIF does not cover losses and costs personally incurred by officers
through criminal acts and intentional illigal activities, such as bribery, as a measure to ensure that the proper performance of duties of officers, etc.,is not impaired.The fullamount of the insurance premium for this insurance policy excluding special contract is borne by CSIF.

b.The policy on decision of removal / not-to-reappoint of accounting auditor
Decision of removal is made based on Investment Trust Law and not-to-reappoint is made by unitholders’ meeting.
c.Suspension of auditing services currently imposed to the accounting auditor
On December 26, 2023, the accounting auditor of CSIF was ordered by the Financial Services Agency to suspend operations related tothe conclusion of new contracts for three months (from January 1, 2024 to March 31, 2024).

28

29

Ⅰ. Asset Management Report(2) Major Assets List

3. Overview of Assets under Management

The summary of the top 10 assets as of December 31, 2023 is as follows.

(1) Composition of Assets and Regional Diversification
12th FPAs of Jun. 30, 2023
Type of asset

Region (Note 1)

Hokkaido/Tohoku
Kanto
Solar energy facility
Tokai
Chugoku/Shikoku
KyushuSubtotal
Hokkaido/Tohoku
Kanto
Land
Tokai
Chugoku/Shikoku
KyushuSubtotal
Hokkaido/Tohoku
Kanto
Land lease
Tokai
Chugoku/Shikoku
KyushuSubtotal
Hokkaido/Tohoku
Kanto
Solar energy facility intrust
Chugoku/Shikoku
KyushuSubtotal
Hokkaido/Tohoku
Land in trust
Kanto
KyushuSubtotal
Hokkaido/Tohoku
Kanto
Solar energy facility etc. Tokai
Chugoku/Shikoku
KyushuSubtotal
Solar energy facility etc. total
Saving/other assets
Asset total (Note 2)

Total Asset-UnderManagement (AUM)(‘000yen)(Note 2)
871,954
2,032,021
4,964,588
8,667,802
18,196,926
34,733,293
48,970648,591
63,309560,196
3,184,875
4,505,944
69,41759,197
332,4213,415
692,471
1,156,923
3,255,577
21,175,262
24,430,840
116,748
4,653,157
4,769,905
4,362,667
2,739,810
5,360,319
9,231,414
47,902,694
69,596,907
69,596,907
6,768,137
76,365,045

As of December 31, 2023

% of total AUM(Note 3)

1.1
2.7
6.5
11.4
23.8
45.5
0.1
0.8
0.1
0.7
4.2
5.9
0.1
0.1
0.4
0.0
0.9
1.5
4.3
27.7
32.0
0.2
6.1
6.2
5.7
3.6
7.0
12.1
62.7
91.1
91.1
8.9
100.0

Total Asset-UnderManagement (AUM)(‘000yen)(Note 2)
850,701
1,975,212
4,846,768
8,618,341
18,352,909
34,643,933
48,970648,591
63,309624,941
3,184,875
4,570,689
112,698
146,493
332,421
95,239799,838
1,486,690
6,403,875
5,118,543
1,265,228
24,958,033
37,745,681
116,748635,595
6,196,281
6,948,625
7,532,993
8,524,436
5,242,499
10,603,751
53,491,939
85,395,621
85,395,621
9,621,467
95,017,088

Rental Revenue Earned by Infrastructure Asset(in JPY thousand)Name of Infrastructure Asset

13th FP% of total AUM(Note 3)

0.9
2.1
5.1
9.1
19.3
36.5
0.1
0.7
0.1
0.7
3.4
4.8
0.1
0.2
0.3
0.1
0.8
1.6
6.7
5.4
1.3
26.3
39.7
0.1
0.7
6.5
7.3
7.9
9.0
5.5
11.2
56.3
89.9
89.9
10.1
100.0

(Note 1) "Hokkaido/Tohoku" refers to Hokkaido, Aomori prefecture, Iwate prefecture, Akita prefecture, Miyagi prefecture, Fukushima prefecture and Yamagata prefecture. "Kanto"refers to Ibaraki prefecture, Tochigi prefecture, Gunma prefecture Tokyo, Kanagawa prefecture, Saitama prefecture, Chiba prefecture, Yamanashi prefecture, Nagano
prefecture and Niigata prefecture. "Tokai" refers to Shizuoka prefecture, Aichi prefecture, Gifu prefecture, Mie prefecture, Toyama prefecture, Ishikawa prefecture andFukui prefecture. "Chugoku/Shikoku" refers to Okayama prefecture, Hiroshima prefecture, Yamaguchi prefecture, Tottori prefecture, Shimane prefecture, Kagawa
prefecture, Kochi prefecture, Tokushima prefecture and Ehime prefecture. "Kyushu" refers to Fukuoka prefecture, Oita prefecture, Miyazaki prefecture, Kagoshima
prefecture, Kumamoto prefecture, Nagasaki prefecture, Saga prefecture and Okinawa prefecture. The same applies hereinafter.
(Note 2) AUM refers to the numbers in the balance sheet.
(Note 3) The ratios are rounded off to the first decimal place.

Book Value(in JPY mln)

CS Hiji-machi Dai-ni Power Plant

1,231,510

25,654CS Mashiki-machi Power Plant

946,414

15,921CS Daisen-cho Power Plant (A) and (B)527,290

8,307

CS Kasama-shi Dai-san Power Plant

210,257

5,841

CS Miyako-machi-Saigawa Power Plant

226,447

5,801

CS Izu-shi Power Plant

237,069

3,915

CS Shichigashuku-machi Power Plant

190,169

3,261

CS Ogawara-machi Power Plant

131,593

2,511

CS Fukuyama-shi Power Plant

74,832

1,357

CS Minamishimabara-shi Power Plant (East)and (West)Total

93,936

1,335

3,869,519

73,909(Note) There are no events which have impacts on any investment decision on infrastructure assets.

(3) Details of Assets

a.Details of Power Generation Facilities(i) Summary

Type of Asset

Property andEquipment

Intangible
AssetsBeginning
Balance

Increase in
the FP

Decrease in
the FP

Accumulated Depreciation /Amortization

EndingBalance

For this FP

Net Ending
Balance

Abstract

Structures

1,064

10

－

1,074

236

21

837

(Note)

Machinery andEquipment

42,495822－

43,3179,964

887

33,352(Note)

Tools, Furnitureand Fixtures

592

－

－

592

138

11

453

Land

4,505

64

－

4,570

-

-

4,570

(Note)

Structures in trust
Machinery andEquipment in trust
Tools, Furnitureand Fixtures intrust
Land in trust
Construction inprogress in trust
Total

6,590

1,333

－

7,923

706

143

7,217

(Note)

20,291

12,714033,0052,599

627

30,405(Note)

94

39

－

134

11

2

122

(Note)

4,769

2,178

－

6,948

－

－

6,948

(Note)

3

－

－

3

－

－

3

80,407

17,164

0

97,571

13,658

1,694

83,912

Leasehold Rights

1,156

329

－

1,486

－

－

1,486

7

－

－

7

4

0

2

1,164

329

－

1,493

4

0

1,488

Software
Total(Note)

th(Note) The increase for the 13 FP is mainly related to the acquisition of photovoltaic power generation facilities (on July 19, 2023 and December 1, 2023).

30

31

Ⅰ. Asset Management Report(ii) Details of Power Generation Facilities
The following table provides summary information for the CSIF owned 31 renewable energy facilities as of December 31, 2023. The renewable energy facilities
suite to the standards stipulated in each section in the Article 9, 3 of the Act on Special Measures Concerning Procurement of Electricity from Renewable Energy
Sources by Electricity Utilities.
Location

Site Area(m2) (Note 1)

PPA Purchase Price(yen/kwh) (Note 2)

Certification Date

FIT Term End

CS Shibushi-shi
Power Plant

Shibushi-shi, Kagoshima

19,86140

February 26, 2013

September 16,
2034

Solar Plant etc.

CS Isa-shi Power
Plant

Solar Plant etc.

CS Kasama-shi
Power Plant

Isa-shi, Kagoshima

22,22340

February 26, 2013

June 8, 2035

Kasama-shi, Ibaraki

42,666(Note 5)

Solar Plant etc.

CS Isa-shi Dai-niPower Plant

40

January 25, 2013

June 25, 2035

Solar Plant etc.

CS Yusui-cho
Power Plant

Isa-shi, Kagoshima

31,81836

October 2, 2013

June 28, 2035

Yusui-cho, Aira-gun,Kagoshima

25,27436

March 14, 2014

August 20, 2035

Solar Plant etc.

CS Isa-shi Dai-sanPower Plant

S-06

Isa-shi, Kagoshima

40,73640

February 26, 2013

September 15,
2035

S-07

Solar Plant etc.

CS Kasama-shi Daini Power Plant

Kasama-shi, Ibaraki

53,27540

January 25, 2013

September 23,
2035

S-08

Solar Plant etc.

CS Hiji-machi
Power Plant

Hiji-machi, Hayami-gun,Oita

30,24636

July 16, 2013

October 12, 2035

S-09

Solar Plant etc.

CS Ashikita-machi
Power Plant

Ashikita-machi, Ashikitagun, Kumamoto

45,74040

February 26, 2013

December 10,
2035

S-10

Solar Plant etc.

CS Minamishimabarashi Power Plant (East) /CS Minamishimabarashi Power Plant (West)

Minamishimabara-shi,
Nagasaki

56,06640

February 26, 2013
(East)
February 26, 2013
(West)

December 24,
2035 (East)
January 28, 2036
(West)

S-11

Solar Plant etc.

CS Minano-machi
Power Plant

Minano-machi, Chichibugun, Saitama

44,90432

December 11,
2014

December 6, 2036

S-12

Solar Plant etc.

CS Kannami-cho
Power Plant

41,33936

March 31, 2014

March 2, 2037

S-13

Solar Plant etc.

CS Mashiki-machi
Power Plant

Kannami-cho, Tagata-gun,Shizuoka
Mashiki-machi,
Kamimashiki-gun,
Kumamoto

638,552(Note 6)36

October 24, 2013

June 1, 2037

S-14

Solar Plant etc.

CS Koriyama-shi
Power Plan

Koriyama-shi, Fukushima

30,376(Note 5)32

February 27, 2015

September 15,
2036

S-15

Solar Plant etc.

CS Tsuyama-shi
Power Plant

Tsuyama-shi, Okayama

31,05932

September 26,
2014

June 29, 2037

S-16

Solar Plant etc.

CS Ena-shi Power
Plant

Ena-shi, Gifu

32

February 24, 2015

September 12,
2037

S-17

Solar Plant etc.

CS Daisen-choPower Plant (A) and(B)

Daisen-cho, Saihaku-gun,Tottori40

February 22, 2013
(A)
February 28, 2013
(B)

August 9, 2037

S-18

Solar Plant etc.

CS Takayama-shi
Power Plant

Takayama-shi, Gifu

16,278(Note 5)32

January 30, 2015

October 9, 2037

Solar Plant etc.

CS Misato-machi
Power Plant

Misato-machi, Kodamagun, Saitama

25,31532

January 6, 2015

March 26, 2037

Solar Plant etc.

CS Marumori-machi
Power Plant

Marumori-machi, Igu-gun,
Miyagi65,306(Note 8)36

February 28, 2014

July 12, 2038

Asset #

Category

S-01

Solar Plant etc.

S-02
S-03
S-04
S-05

S-19
S-20

March 31, 2014

Shinshinotu-mura, Ishikarigun Hokkaido

42,977

24

November 18,
2016

July 15, 2039

Osaki-shi Miyagi

26,051

21

March 27, 2018

July 21, 2039

Hiji-machi, Hayami-gun
Oita

1,551,086(Note 9)40

March 15, 2013

October 30, 2039

Solar Plant etc.

CS Ogawara-machi
Power Plant

Ogawara-machi, Shibatagun Miyagi

123,624(Note 10)32

February 9, 2015

March 19, 2040

Solar Plant etc

CS Fukuyama-shi
Power Plant

Fukuyama-shi Hiroshima

90,79440

February 22, 2013

October 15, 2040

Solar Plant etc

CS Shichigashukumachi Power Plant

Shichigashuku-machi,
Katta-gun Miyagi

143,369(Note 11)36

March 13, 2014

March 30, 2040

Solar Plant etc

CS Kama-shi
Power Plant

Kama-shi Fukuoka

35,35236

March 12, 2014

March 30, 2037

March 30, 2040

S-23

Solar Plant etc.

S-27
S-28

Solar Plant etc.

S-29

Solar Plant etc

CS Miyako-machi
Saigawa Power
Plant

Miyako-machi, Kyoto-gun
Fukuoka

407,76236(1) March 17, 2014
(2) March 17, 2014(3) March 17, 2014(4) March 17, 2014
(5) February 14,
2014(6) February 14,
2014

S-30

Solar Plant etc

CS Kasama-shi
Dai-san Power Plant

Kasama-shi Ibaraki

291,147(Note 12)32

April 30, 2014

September 29,
2040

Solar Plant etc

CS Yamaguchi-shi
Power Plant

Yamaguchi-shi Yamaguchi

10,06518

March 20, 2019

February 2, 2042

S-31

32

36

Solar Plant etc.

S-26

(Note 7)337,160

S-22

S-25

452,760(Note 4)

Izu-shi, Shizuoka

Solar Plant etc.

CS Izu-shi Power
Plant
CS Ishikari
Shinshinotsu-muraPower Plant
CS Osaki-shi
Kejonuma Power
Plant
CS Hiji-machi Dai-niPower Plant

37,373(Note 3)

November 29,
2038

S-21

S-24

Project Name

(Note 1) The numbers for “Site Area” are not equal to the real situation but based on the ground register.
(Note 2) “PPA Purchase Price” are the FIT price for each power plant (excluding consumption tax amount).
(Note 3) “Certification Date” denotes the date each power plant is certified under the article 6.1 of Revision Renewable Energy Special Measures Law. Each power plant is deemedbeing certified on April 1, 2017 based on the article 9.3 of Revision Renewable Energy Special Measures Law.
(Note 4) “FIT Term End” denotes the date 20-year FIT term ends for each power plant.
(Note 5) The number for the site area is only for the power plant’s land ownership rights and doesn’t include easement.
(Note 6) The number for the site area is only for the power plant’s and self-employed line’s land ownership rights and doesn’t include easement.
(Note 7) The number for the site area is only for the power plant’s and self-employed line’s surface rights and doesn’t include leasehold rights and easement.
(Note 8) The number for the site area is only for the power plant’s, self-employed line’s and access road’s surface rights and doesn’t include easement.
(Note 9) The number for the site area is only for the power plant’s, self-employed line’s and access road’s land ownership rights and leasehold rights and does not include
easement.
(Note 10) The number for the site area is only for the power plant’s, self-employed line’s and access road’s surface rights and leasehold rights and does not include easement.
(Note 11) The number for the site area is only for the power plant’s surface rights and doesn’t include easement.
(Note 12) The solar energy plants land includes land for which superficies have been established for a portion of a percel of land, but the number for the site area of the land isstated based on the area of the entire parcel of land in the registry.

33

Ⅰ. Asset Management Report

Asset #

Project name

S-01

CS Shibushi-shi
Power Plant

S-02

CS Isa-shi Power
Plant

S-03

CS Kasama-shi
Power Plant

S-04

CS Isa-shi Dai-niPower Plant

S-05

CS Yusui-cho
Power Plant

S-06

CS Isa-shi Dai-sanPower Plant

S-07

CS Kasama-shi Daini Power Plant

S-08

CS Hiji-machi
Power Plant

S-09

CS Ashikita-machi
Power Plant
CS Minamishimabara-shi
Power Plant (East) / CS
Minamishimabara-shi Power
Plant (West)

S-11

CS Minano-machi
Power Plant

S-12

CS Kannami-cho
Power Plant

S-13

CS Mashiki-machi
Power Plan

S-14

CS Koriyama-shi
Power Plan

S-15

CS Tsuyama-shi
Power Plan

S-16

CS Ena-shi Power
Plant

S-17

CS Daisen-cho Power
Plant (A) and (B)

S-18

CS Takayama-shi
Power Plant

S-19

CS Misato-machi
Power Plant

S-20
S-21

S-10

S-22
S-23
S-24
S-25

Acquisition Price(million yen)

Fiscal period end
valuation (million
yen) (Note 2)

Certified Operator

PPA company

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

540

432

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

372

285

Tida Power01 G.K.

TEPCO Energy Partner,
Incorporated

907

818

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

778

591

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

670

510

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

949

737

Tida Power01 G.K.

TEPCO Energy Partner,
Incorporated

850

705

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

1,029

794

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

989

772

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

1,733

1,418

Tida Power01 G.K.

TEPCO Energy Partner,
Incorporated

1,018

903

Tida Power01 G.K.

TEPCO Energy Partner,
Incorporated

514

452

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc.

19,751

18,336

Tida Power01 G.K.

Tohoku Electric Power
Co., Inc.

246

209

Tida Power01 G.K.

The Chugoku ElectricPower Co., Inc.

746

608

Tida Power01 G.K.

The Chubu ElectricPower Co., Inc.

757

676

Tida Power01 G.K.

The Chugoku ElectricPower Co., Inc.

10,447

8,781

Tida Power01 G.K.

The Chubu ElectricPower Co., Inc.

326

272

Tida Power01 G.K.

TEPCO Energy Partner,
Incorporated

470

364

CS Marumori-machi
Power Plant

Tida Power01 G.K.

Tohoku Electric Power
Co., Inc.

850

694

CS Izu-shi Power
Plant

Tida Power01 G.K.

TEPCO Power Grid,
Incorporated

4,569

3,942

Tida Power01 G.K.

Hokkaido Electric Power
Network Co., Ltd.

680

538

Tida Power01 G.K.

Tohoku ElectricPower Network Co.,Inc.

208

173

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc.

27,851

25,928Tida Power01 G.K.

Tohoku ElectricPower Network Co.,Inc.

2,745

2,492

CS Ishikari
Shinshinotsu-muraPower Plant
CS Osaki-shi
Kejonuma Power
Plant
CS Hiji-machi Dai-niPower Plant
CS Ogawara Power
Plant(Note 1)
(Note 5)

S-26

CS Fukuyama-shi
Power Planet

Tida Power01 G.K.

The Chugoku ElectricPower Co., Inc.

1,340

1,309

S-27

CS Shichigashukumachi Power Plant

Tida Power01 G.K.

Tohoku ElectricPower Network Co.,Inc.

3,240

3,558

S-28

CS Kama-shi
Power Plant
CS Miyako-machi
Saigawa Power
Plant
CS Kasama-shi
Dai-san Power Plant

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

586

594

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

5,780

5,771

Tida Power01 G.K.

TEPCO Energy Partner,
Incorporated

5,840

5,834

CS Yamaguchi Aio
Futajima 2 G.K.

The Chugoku ElectricPower Network Co., Inc.

230

254

97,01788,755

S-29
S-30
S-31

CS Yamaguchi-shi
Power Plant

Total

Appraisal value of solar
plants(million yen) (Note 3)(upper:solar energy
facility) (lower:land)
303
129
268
16
608
210
561
29
487
23
692
44
667
37
764
29
744
27
1,357
60
668
235
418
33
14,896
3,440
158
51
477
131
644
32
8,492
289
215
56
250
114
680
13
3,750
192
481
57
132
40
21,138
4,790
2,455
36
1,225
83
3,514
43
569
24
4,241
1,530
5,139
695
191
62
76,196
12,559Fiscal period end
book value(million yen)
(Note 4)437

(Note 3) On the upper row of the appraisal value of solar plants, an assumed appraisal value of solar energy projects that is obtained by deducting the real estate appraisal value
calculated by Daiwa Real Estate Appraisal Co., Ltd. for S-01 to S-30 and by Japan Real Estate Institute for S-31 from the appraised value at the end of the period in (Note2) above is stated, and on the lower row, an amount stated in the real estate appraisal report prepared by Daiwa Real Estate Appraisal Co., Ltd. for S-01 to S-30 and by
Japan Real Estate Institute for S-31 is stated. Real estate includes its superficies right.
(Note 4) Fiscal period end book value is the book value of solar energy as of December 31, 2023.
(Note 5) The acquisition price of CS Mashiki Power Plant had reduced in the amount of 332 million yen on December 16, 2020, back from the signing date of the Property
Purchase Agreement.

288
751
592
512
728
648
778
759

1,335

865
453
15,921
209
696
573
8,307
299
417
708
3,915
642
200
25,654
2,511
1,357
3,261
680
5,801
5,841
242
83,395(Note 1) Acquisition price is based on acquisition price as described in the purchase agreements (excluding acquisition expenses related to the payment of outsourcing service
fees, property-related taxes, taxes on depreciable assets, urban planning taxes, consumption taxes and other fees).
(Note 2) The fiscal period end valuation is the median amount that the CSIF calculated in accordance with Article 41, paragraph 1 of the CSIF's Articles of Incorporation based on
the range of valuation (including valuation for land, right to lease land or superficies right, hereinafter the same shall apply in Note 2) provided to us for S-01 to S-18 by
PricewaterhouseCoopers Sustainability LLC and for S-31 by Japan Real Estate Institute, and the fiscal period end valuation for S-19 to S-30 is based on the medianamount in the valuation report provided to us by Kroll International Inc. The total amount presents the total amount of the median amount calculated by the CSIF and the
median amount in the valuation report which is rounded down to the nearest million yen. Therefore, the total amount may differ from the total of valuation amounts foreach solar solar energy plant.

34

35

Ⅰ. Asset Management Report
S-03 CS Kasama-shi Power Plant(iii) Operational Results of Each Power Generation Facilities (in JPY thousand)S-01 CS Shibushi-shi Power Plant
9th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2021
To Dec. 31, 2021

9th FP

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

18,941
7,353－
26,29518,4405,386
023,82818,843
7,052－
25,896

17,8974,313
022,211

18,7087,240－
25,948

1,626
1,626
－
3,089
2,155
696
－
237
－
－
9,539
468
9,029
41
14,254
12,040

1,400
1,400
－
2,414
2,155
－
－
258
－
－
9,539
468
9,029
41
13,355
10,473

1,400
1,400
－
2,613
2,155
199
－
258
－
－
9,539
468
9,029
41
13,554
12,341

1,194
1,194
－
2,769
2,177
－
－
591
－
－
9,539
468
9,029
41
13,504
8,707

1,194
1,194
－
2,769
2,177
－
－
591
－
－
9,539
468
9,029
41
13,504
12,44436

Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

29,09910,580306
39,98534,7889,993－
44,782

28,94912,248－41,19834,60912,261－
46,871

28,79916,439－45,239

2,848
2,848
－
3,594
3,189
－
－
405
－
－
14,483345
14,10433
20,926
19,059

2,481
2,481
－
3,572
2,914
220
－
438
－
－
14,483345
14,10433
20,537
24,245

2,481
2,481
－
4,386
2,914
1,034
－
438
－
－
14,483345
14,10433
21,351
19,846

2,167
2,167
－
6,433
2,914
2,519
－
1,000
－
－
14,637345
14,25833
23,23823,632

2,167
2,167
－
4,959
2,914
1,045
－
1,000
－
－
14,956345
14,57633
22,08323,156

9th FP
9th FP

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP

S-04 CS Isa-shi Dai-ni Power Plant

S-02 CS Isa-shi Power Plant
Accounting Item

Accounting Item

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

14,027
5,006－
19,034

14,095
5,707－
19,802

13,954
6,359－
20,314

13,6693,961－
17,631

13,854
5,686－
19,541

1,244
1,244
－
2,619
1,610
－
－
193
797
18
7,837
256
7,563
17
11,701
7,332

1,090
1,090
－
2,611
1,610
－
－
203
797
－
7,924
256
7,650
17
11,625
8,177

1,090
1,090
－
2,761
1,610
149
－
203
797
－
7,925
256
7,651
17
11,776
8,537

936
936
－
2,874
1,610
－
－
466
797
－
7,925
256
7,651
17
11,736
5,895

936
936
－
3,399
2,135
－
－
466
797
－
7,925
256
7,651
17
12,2607,280

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income (Note)
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

28,965
10,513－39,47829,06012,249－41,31028,815
11,483－40,29828,183
7,593－
35,77728,60912,509－41,118

2,769
2,769
－
4,861
2,893
－
－
376
1,590
－
16,481306
16,133
41
24,111
15,366

2,395
2,395
－
4,893
2,893
－
－
408
1,590
－
16,533306
16,18641
23,822
17,487

2,395
2,395
－
5,101
2,893
207
－
408
1,590
－
16,534306
16,18641
24,031
16,267

2,056
2,056
－
6,990
2,921
1,545
－
933
1,590
－
16,534306
16,18641
25,581
10,196

2,056
2,056
－
5,853
3,329
－
－
933
1,590
－
16,534306
16,18641
24,444
16,67337

Ⅰ. Asset Management Report
S-05 CS Yusui-cho Power Plant

S-07 CS Kasama-shi Dai-ni Power Plant
9th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

23,2368,331－
31,56826,4186,377－
32,79623,117
9,785－
32,90325,6182,703－
28,332

22,952
9,768－
32,721

2,396
2,396
－
4,822
2,966
242
－
350
1,263
－
14,269605
13,429235
21,487
10,080

2,076
2,076
－
4,856
3,213
－
－
378
1,263
－
14,358605
13,517
235
21,29011,505

2,076
2,076
－
5,109
2,966
500
－
378
1,263
－
14,360605
13,519235
21,546
11,356

1,783
1,783
－
5,974
2,988
855
－
866
1,263
－
14,364605
13,519239
22,122
6,200

1,783
1,783
－
5,371
2,988
253
－
866
1,263
－
14,364605
13,519239
21,519
11,201

9th FP

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

38

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

28,718
10,587－39,30534,365
13,697
27
48,09028,57012,345－40,91634,18812,032－
46,221

28,422
15,254
13
43,690

3,161
3,161
－
5,928
3,145
－
－
387
2,396
－
17,604247
17,31442
26,695
12,610

2,710
2,710
－
5,940
2,878
255
－
410
2,396
－
17,604247
17,31442
26,256
21,834

2,710
2,710
－
5,778
2,878
93
－
410
2,396
－
17,604247
17,31442
26,094
14,821

2,324
2,324
－
11,472
2,874
5,267
－
934
2,396
－
17,758247
17,46842
31,555
14,665

2,324
2,324
－
8,264
2,874
2,059
－
934
2,396
－
18,077247
17,78642
28,66615,024S-08 CS Hiji-machi Power Plant

S-06 CS Isa-shi Dai-san Power Plant
Accounting Item

9th FP
Accounting Item

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

34,496
13,204－47,70135,151
14,338－49,49034,318
14,687－49,006

34,073
8,278－
42,352

34,07315,759－49,833

3,323
3,323
－
6,704
4,253
－
－
414
2,036
－
19,896290
19,55451
29,924
17,776

2,882
2,882
－
6,418
3,719
205
－
456
2,036
－
19,970290
19,62851
29,271
20,218

2,882
2,882
－
6,454
3,719
242
－
456
2,036
－
19,971
290
19,62951
29,308
19,697

2,476
2,476
－
6,812
3,732
－
－
1,043
2,036
－
19,971
290
19,62951
29,26013,092

2,476
2,476
－
6,812
3,732
－
－
1,043
2,036
－
19,971
290
19,62951
29,26020,5739th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

37,101
16,053－53,15537,372
22,236－59,60836,91018,138－55,04836,242
12,274－
48,51736,652
19,119－55,772

3,798
3,798
－
6,729
4,719
－
－
498
1,512
－
22,119835
21,20578
32,647
20,507

3,299
3,299
－
6,354
4,248
－
－
548
1,557
－
22,162835
21,24878
31,815
27,793

3,299
3,299
－
6,629
4,248
275
－
548
1,557
－
22,166835
21,252
78
32,094
22,954

2,835
2,835
－
7,060
4,248
－
－
1,254
1,557
－
22,166835
21,25278
32,062
16,454

2,835
2,835
－
7,172
4,248
111
－
1,254
1,557
－
22,166835
21,252
78
32,174
23,59739

Ⅰ. Asset Management Report
S-09 CS Ashikita-machiPower Plant

S-11 CS Minano-machi Power Plant
9th FP

Accounting Item

Fr. Jul. 1, 2021
To Dec. 31, 2021

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

36,736
13,064－49,80135,20816,008－51,21736,547
13,956－50,504

34,121
10,068－44,18936,29013,986－50,276

3,559
3,559
－
6,187
3,900
132
－
473
1,681
－
20,216
1,441
18,523
252
29,963
19,837

3,071
3,071
－
6,090
3,900
－
－
508
1,681
－
20,301
1,441
18,608252
29,46321,753

3,071
3,071
－
6,332
3,900
242
－
508
1,681
－
20,306
1,441
18,612
252
29,71020,794

2,632
2,632
－
6,785
3,938
－
－
1,165
1,681
－
20,306
1,441
18,612
252
29,724
14,465

2,632
2,632
－
7,082
3,938
297
－
1,165
1,681
－
20,306
1,441
18,612
252
30,021
20,255

9th FP

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

40

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

30,3788,454－
38,832

34,981
10,801－45,78330,2236,551－
36,77434,082
9,489－
44,29130,068
10,836
3
40,908

3,330
3,330
－
5,468
4,117
875
－
475
－
－
16,211766
15,445－25,01013,821

2,886
2,886
－
4,620
3,814
293
－
512
－
－
16,211766
15,445－23,71822,064

2,886
2,886
－
4,431
3,814
104
－
512
－
－
16,211766
15,445－23,52913,245

2,504
2,504
－
5,290
3,814
304
－
1,171
－
－
16,211766
15,445－24,006
20,285

2,504
2,504
－
5,129
3,957
－
－
1,171
－
－
16,212766
15,446－
23,846
17,062

S-12 CS Kannami-cho Power Plant

S-10 CS Minamishimabara-shi Power Plant (East and West)
Accounting Item

9th FP
Accounting Item

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

64,856
18,371－
83,22762,52133,501－
96,02364,52327,753－92,276

60,61816,865－77,48364,07029,866－
93,936

6,244
6,244
－
12,049
5,515
1,580
－
693
4,260
－
35,397755
34,392248
53,691
29,535

5,400
5,400
－
10,533
5,515
－
－
757
4,260
－
35,397755
34,392248
51,331
44,692

5,400
5,400
－
15,147
8,275
1,853
－
757
4,260
－
35,404755
34,399248
55,95236,324

4,634
4,634
－
11,539
5,553
－
－
1,723
4,261
－
35,408755
34,403248
51,581
25,902

4,634
4,634
－
11,538
5,553
－
－
1,723
4,260
－
35,417755
34,412248
51,59042,346

9th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

18,2706,460－
24,731

19,347
9,032－
28,37918,177
6,661－
24,83919,248
7,589－
26,83818,084
7,120－
25,204

1,785
1,785
－
5,416
1,809
1,700
－
227
1,678
－
9,662
380
9,226
55
16,864
7,866

1,541
1,541
－
4,093
1,809
371
－
233
1,678
－
9,662
380
9,226
55
15,297
13,081

1,541
1,541
－
4,932
1,809
1,210
－
233
1,678
－
9,671
389
9,226
55
16,146
8,692

1,335
1,335
－
3,991
1,809
－
－
527
1,653
－
9,671
389
9,226
55
14,998
11,839

1,335
1,335
－
4,164
1,809
172
－
527
1,653
－
9,671
389
9,226
55
15,171
10,03241

Ⅰ. Asset Management Report
S-13 CS Mashiki-machi Power Plant

S-15 CS Tsuyama-shi Power Plant
9th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

681,331250,5119
931,851654,533
369,157－
1,023,691

677,855
294,168－
972,023

634,560
157,504－
792,064

673,083
273,331－
946,41470,99370,993－80,682
71,329
248
－
9,051
53
－
338,300
3,626
326,770
7,902
489,976
441,875

61,54961,549－83,17770,219
3,408
－
9,493
55
－
338,329
3,646
326,780
7,902
483,056
540,634

61,54961,549－83,40070,219
3,630
－
9,493
55
－
338,389
3,706
326,780
7,902
483,338
488,684

53,44953,449－86,88570,262
3,346－
13,201
75－
338,451
3,751
326,797
7,902
478,785
313,278

53,44953,449－87,742
70,274
4,209－
13,201
55－
340,453
3,873
328,677
7,902
481,644464,769

9th FP

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

42

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

21,6858,308－
29,99423,931
11,850－35,781

21,575
12,106－
33,681

23,8097,889－
31,69821,464
10,869－32,333

3,020
3,020
－
3,338
2,820
253
－
264
－
－
13,144376
12,462304
19,502
10,492

2,624
2,624
－
3,374
3,084
－
－
288
1
－
13,146379
12,462
304
19,145
16,636

2,624
2,624
－
3,587
2,764
532
－
288
1
－
13,160393
12,462
304
19,372
14,309

2,293
2,293
－
3,589
2,943
－
－
643
1
－
13,160393
12,462304
19,044
12,654

2,293
2,293
－
4,485
2,943
895
－
643
1
－
13,161393
12,463304
19,94012,393S-16 CS Ena-shi Power Plant

S-14 CS Koriyama-shi Power Plant
Accounting Item

9th FP
Accounting Item

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

7,504
3,481
2
10,988

7,962
4,165
－
12,128

7,465
3,277
2
10,746

7,916
4,129
－
12,046

7,427
4,846
2
12,276

1,007
1,007
－
945
829
－
－
115
－
－
4,191
327
3,864
－
6,143
4,844

869
869
－
1,218
829
277
－
110
－
－
4,191
327
3,864
－
6,279
5,849

869
869
－
940
829
－
－
110
－
－
4,191
327
3,864
－
6,001
4,744

752
752
－
1,080
829
－
－
250
－
－
4,193
327
3,866
－
6,025
6,020

752
752
－
1,217
967
－
－
250
－
－
4,193
327
3,866
－
6,163
6,113

9th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

25,353
11,281－
36,63526,0005,789－
31,79025,225
17,874－43,09925,86813,215
3
39,08625,096
14,014－
39,110

3,216
3,216
－
4,666
2,912
－
－
300
1,454
－
14,510589
13,823
97
22,393
14,241

2,776
2,776
－
8,937
2,772
4,653
－
325
1,187
－
14,510589
13,823
97
26,224
5,565

2,776
2,776
－
7,649
2,772
3,364
－
325
1,187
－
14,526589
13,84097
24,952
18,147

2,402
2,402
－
5,147
2,807
429
－
728
1,183
－
14,526589
13,84097
22,077
17,009

2,402
2,402
－
4,883
2,972
－
－
727
1,183
－
14,526589
13,84097
21,813
17,29743

Ⅰ. Asset Management Report
S-17 CS Daisen-cho Power Plant (A and B)

S-19 CS Misato-machi Power Plant
9th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

381,584
139,595－
521,180

322,958
259,138－
582,096379,639
131,563－511,203

321,310
184,490－
505,800

377,695
149,595－
527,290

44,70144,701－
61,08543,044－－
5,486
12,554－
214,568
4,905
208,880782
320,354
200,825

38,62338,623－62,12843,632
160－
5,844
12,491－
214,569
4,905
208,881782
315,321266,774

38,62338,623－
72,12440,508
13,166－
5,844
12,604－
214,573
4,909
208,881782
325,321
185,882

33,38533,385－67,81640,508
7,628
－
7,121
12,558－214,575
4,911
208,881782
315,777
190,023

33,38533,385－60,62840,508440－
7,121
12,558－214,582
4,911
208,887782
308,595
218,694

S-18 CS Takayama-shi Power Plant

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

44

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

12,873
6,079－
18,953

15,145
6,926－
22,072

12,8085,228－
18,037

15,068
6,911－
21,97912,7427,633
320,379

2,310
2,310
－
1,680
1,499
－
－
180
－
－
7,600
176
7,345
77
11,591
7,362

2,032
2,032
－
2,318
1,425
701
－
191
－
－
7,602
176
7,345
79
11,953
10,118

2,032
2,032
－
2,191
1,425
574
－
191
－
－
7,603
176
7,345
80
11,826
6,210

1,788
1,788
－
1,966
1,425
107
－
432
－
－
7,603
176
7,345
80
11,357
10,621

1,788
1,788
－
1,858
1,425
－
－
432
－
－
7,604
176
7,346
80
11,2509,128

S-20 CS Marumori-machi Power Plant
9th FP

Accounting Item

9th FP
Accounting Item

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

9,622
3,173
－
12,796

10,908－－
10,908

9,573
730
782
11,086

10,852
16,866－
27,719

9,524
5,739
－
15,264

1,545
1,545
－
1,554
1,285
132
－
136
－
－
5,496
344
5,139
12
8,595
4,201

1,362
1,362
－
4,265
2,516
1,600
－
148
－
－
4,881
344
4,524
12
10,509
399

1,362
1,362
－
3,484
1,256
2,079
－
148
－
－
5,034
344
4,675
14
9,880
1,205

1,403
1,403
－
2,617
1,291
994
－
331
－
－
5,795
344
5,430
21
9,816
17,902

1,403
1,403
－
1,623
1,291
－
－
331
－
－
5,796
344
5,430
21
8,822
6,441

9th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

28,045
10,675－38,721

32,065
10,421－
42,487

27,903
11,450－39,35331,901
15,904－47,80527,761
16,974－44,735

4,696
4,696
－
9,100
2,865
1,040
－
464
4,729
－
17,059503
16,320234
30,855
7,865

4,056
4,056
－
11,124
3,030
3,058
－
366
4,669
－
17,059503
16,320234
32,23910,247

4,056
4,056
－
8,831
2,672
1,045
－
366
4,748
－
17,059503
16,320234
29,947
9,406

3,504
3,504
－
8,454
2,883
－
－
824
4,745
－
17,059503
16,320234
29,017
18,788

3,504
3,504
－
9,503
3,073
883
－
824
4,721
－
17,059503
16,320234
30,067
14,66845

Ⅰ. Asset Management Report
S-21 CS Izu-shi Power Plant

S-23 CS Osaki-shi Kejonuma Power Plant
9th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

141,256
81,935－
223,191

154,247
89,977－244,225

140,541
73,271－
213,813

153,464
74,165－
277,630

139,827
97,241－
237,069

24,32924,329－25,81713,018－－
1,606
11,192－87,776
4,082
82,271
1,421
137,922
85,26820,967
20,967－
26,41813,018
601－
1,625
11,173－87,776
4,082
82,271
1,421
135,161
109,063

20,967
20,967－
27,046
13,018
1,230
－
1,625
11,173－87,835
4,142
82,271
1,421
135,850
77,963

18,102
18,102－
26,43813,018－－2,246
11,173－87,835
4,142
82,271
1,421
132,375
95,255

18,102
18,102－
27,41913,999－－2,246
11,173－87,851
4,142
82,271
1,437
133,373
103,696

S-22 CS Ishikari Shinshinotsu-mura Power Plant
9th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

46

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

20,656
18,948－39,605

21,38914,050－35,44020,552
12,924－33,476

21,19915,847－37,047

20,44812,870－33,318

1,741
1,741
－
14,206
3,111
10,127
－
366
0
600
－
12,665－－－274
12,35040
28,614
10,990

2,311
2,311
－
6,087
3,111
1,980
－
395
－
600
－
12,995－－－527
12,42740
21,394
14,046

2,311
2,311
－
8,603
3,111
4,495
－
395
－
600
－
13,015－－－547
12,42740
23,930
9,546

2,006
2,006
－
6,513
3,221
1,800
－
891
－
600
－
13,015－－－547
12,42740
21,535
15,511

2,006
2,006
－
6,063
3,221
1,350
－
891
－
600
－
13,039－－－547
12,451
40
21,10912,209

9th FP
Accounting Item

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

6,288
2,600
18
8,907

6,664
3,964
－
10,628

6,254
2,878
9
9,142

6,657
3,880
－
10,537

6,225
3,819
9
10,053

745
745
－
1,804
1,372
－
－
131
－
300
－
3,600
－
－
－
300
3,276
23
6,150
2,756

654
654
－
3,314
1,372
1,505
－
136
－
300
－
3,600
－
－
－
300
3,276
23
7,570
3,058

654
654
－
1,676
1,240
－
－
136
－
300
－
3,600
－
－
－
300
3,276
23
5,932
3,209

576
576
－
1,998
1,394
－
－
303
－
300
－
3,600
－
－
－
300
3,276
23
6,175
4,362

576
576
－
2,197
1,593
－
－
303
－
300
－
3,600
－
－
－
300
3,276
23
6,374
3,678

S-24 CS Hiji-machi Dai-ni Power Plant
9th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12th FP
Fr. Jan. 1, 2023
To Jun. 30, 2023

13th FP
Fr. Jul. 1, 2023
To Dec. 31, 2023

827,769
274,26860
1,102,098

851,537
470,8870
1,322,425

824,936
367,340－
1,192,276

843,148
229,0680
1,072,217

814,526
416,983－
1,231,510－－－
96,77960,195－
5,589
18,645
8,700
3,600
49
475,055－－－
114,009
360,024
1,021
571,835
530,262

66,926
66,926－
97,32862,960
4,005
5,877
12,072
8,763
3,600
49
475,277－－－
114,025360,229
1,021
639,532
682,893

66,926
66,926－108,186
62,96013,837
6,915
12,072
8,750
3,600
49
475,568－－－
114,109360,434
1,024
650,681541,594

59,00959,009－104,787
62,9605,038
7,262
17,118
8,757
3,600
49
475,621－－－114,150
360,434
1,037
639,418
432,799

59,00959,009－116,11462,96018,101
5,574
17,118
8,758
3,600
－
475,624－－－
114,150
360,434
1,040
650,748580,76147

Ⅰ. Asset Management Report
S-25 CS Ogawara-machi Power Plant

S-27 CS Shichigashuku-machi Power Plant
9th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

11th FP

Fr. Jan. 1, 2022
To Jun. 30, 2022

12th FP

Fr. Jul. 1, 2022
To Dec. 31, 2022

13th FP

Fr. Jan. 1, 2023
To Jun. 30, 2023

Fr. Jul. 1, 2023
To Dec. 31, 2023

85,86733,454－
119,321

101,700
44,084
145,784

86,03931,191－
117,231

103,146
43,279－146,425

84,73846,855－131,593－－－
18,32010,308
－
－
1,626
4,285
2,100
－
54,273－－－6,589
46,850833
72,593
46,728

7,251
7,251
－
22,921
11,017
2,365
－
1,129
6,310
2,100
－
54,273－－－6,589
46,850833
84,446
61,338

7,251
7,251
－
20,84910,819
491
－
1,129
6,310
2,100
－
54,412－－－
6,729
46,850833
82,51434,717

6,359
6,359
－
21,738
10,789
－
－
2,538
6,310
2,100
－
54,545－－－
6,862
46,850833
82,64463,781

6,359
6,359
－
23,06012,111
－
－
2,538
6,310
2,100
－
54,545－－－
6,862
46,850833
83,96647,627

S-26 CS Fukuyama-shi Power Plant

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

48

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

11th FP

Fr. Jan. 1, 2022
To Jun. 30, 2022

12th FP

Fr. Jul. 1, 2022
To Dec. 31, 2022

13th FP

Fr. Jan. 1, 2023
To Jun. 30, 2023

Fr. Jul. 1, 2023
To Dec. 31, 2023

－
－
－
－

－
－
－
－

－
－
－
－

－
－
－
－

120,630
69,538－190,169

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
35,872
8,216
－
－
1,489
25,170996－
53,392－－－
1,410
51,951
29
89,264
100,904

S-28 CS Kama-shi Power Plant
9th FP

Accounting Item

9th FP
Accounting Item

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

11th FP

Fr. Jan. 1, 2022
To Jun. 30, 2022

12th FP

Fr. Jul. 1, 2022
To Dec. 31, 2022

13th FP

Fr. Jan. 1, 2023
To Jun. 30, 2023

Fr. Jul. 1, 2023
To Dec. 31, 2023

－
－
－
－

－
－
－
－

－
－
－
－

－
－
－
－

53,301
21,530－74,832

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
15,217
5,762
－
－
932
7,921
600
－
21,059－－－1,805
19,146108
36,27638,555

9th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

11th FP

Fr. Jan. 1, 2022
To Jun. 30, 2022

12th FP

Fr. Jul. 1, 2022
To Dec. 31, 2022

13th FP

Fr. Jan. 1, 2023
To Jun. 30, 2023

Fr. Jul. 1, 2023
To Dec. 31, 2023

－
－
－
－

－
－
－
－

－
－
－
－

－
－
－
－

27,4302,234－
29,664

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
2,733
1,774
－
－
959
－
－
－
10,629－10,629－－－－13,362
16,30149

Ⅰ. Asset Management Report
S-29 CS Miyako-machi Saigawa Power Plant

S-31 CS Yamaguchi-shi Power Plant
9th FP

Accounting Item

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

11th FP

Fr. Jan. 1, 2022
To Jun. 30, 2022

12th FP

Fr. Jul. 1, 2022
To Dec. 31, 2022

13th FP

Fr. Jan. 1, 2023
To Jun. 30, 2023

Fr. Jul. 1, 2023
To Dec. 31, 2023

－
－
－
－

－
－
－
－

－
－
－
－

－
－
－
－

175,496
50,932
17
226,447

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
16,764
12,077
389
－
3,284
16
996
－
68,880－－－14,40653,976497
85,645140,801

S-30 CS Kasama-shi Dai-san Power Plant
9th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

50

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

11th FP

Fr. Jan. 1, 2022
To Jun. 30, 2022

12th FP

Fr. Jul. 1, 2022
To Dec. 31, 2022

9th FP
Accounting Item

13th FP

Fr. Jan. 1, 2023
To Jun. 30, 2023

Fr. Jul. 1, 2023
To Dec. 31, 2023

－
－
－
－

－
－
－
－

－
－
－
－

－
－
－
－

141,360
68,896－210,257

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
18,221
13,140
291
－
2,304
1,489
996
－
82,793－－－
3,697
79,096－
101,015
109,241

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

11th FP

Fr. Jan. 1, 2022
To Jun. 30, 2022

12th FP

Fr. Jul. 1, 2022
To Dec. 31, 2022

13th FP

Fr. Jan. 1, 2023
To Jun. 30, 2023

Fr. Jul. 1, 2023
To Dec. 31, 2023

－
－
－
－

－
－
－
－

－
－
－
－

－
－
－
－

696
312
－
1,008

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
294
173
－
－
120
－
－
－
529
22
506
－
－
－
－
823
185

b.Details of Investment in Operating Rights for Public Facilities
Not applicable.
c.Details of Investment in Real Estate
The real estate that CSIF holds are to be provided for the use of renewable energy power generation facilities and described in “(3) Detailsof Assets / a. Details of Power Generation Facilities / (i) Summary” above.
d.Details of Investment in Securities
Not applicable.

(4) Other Assets
Assets related to the power plants are described in “(3) Details of Assets / a. Details of Power Generation Facilities / (iii) Operational
Results of Each Power Generation Facilities (in JPY thousand)” and other assets as of December 31, 2023 are as follows.
Category

Type

Transaction Outside ofMarketInterest Rate Swap
Total

Contracted Amount (thousand yen)
(Note 1)

Over 1 year
(Note 1)

Fair Value(Note 2)36,144,664

33,579,958-

36,144,664

33,579,958-(Note 1) The contracted amount is based on notional amount.
(Note 2) As the transaction is booked based on special treatment under the financial instrument accounting standard, the fair value is omitted.

(5) Location of Assets by Country
There is no asset in the countries outside Japan as of December 31, 2023.

51

Ⅰ. Asset Management Report(2) Summary of Debts

4. Capital Expenditures for Assets under Management(1) Scheduled Capital Expenditures

Category

Not applicable.

Borrowing Date
Lender(2) Capital Expenditures during the Period

The following table shows capital expenditures for renewable energy power generation facilities, etc. owned by CSIF during the fiscal
period under review.
Name of infrastructure assets, etc.
(Location)

CS Mashiki-machi Power Plant(Kamimashiki-gun, Kumamoto)
CS Mashiki-machi Power Plant(Kamimashiki-gun, Kumamoto)
CS Ishikari Shinshinotsu-muraPower Plant(Ishikari-gun, Hokkaido)
CS Shichigashuku-machi
Power Plant(Katta-gun, Miyagi)

Amount paid
(thousand yen)

Implementation period

Gravel road in the site paving work

From May, 2023
To July, 2023

2,433

From September, 2023
To September, 2023

65,852

From June, 2023
To July, 2023

2,305

PCS 6th year inspection
Module for replacement upon snow
damageCurtailment online modification
work

From August, 2023
To August, 2023

17,750

Other Power Plants

1,572
Total

89,913(3) Cash Reserved for Long-term Maintenance Plan
Not applicable.

5. Summary of Expenses and Debts(in thousand yen)

Fiscal Period
Asset Management Fee
Administrative Service Fee
Directors’ Compensation
Other Operating Expenses
Total

From January 1, 2023
To June 30, 2023
108,941
28,8732,400
72,958213,172

13th FP
From July 1, 2023
To December 31, 2023
168,639
28,0232,400
77,066276,129

367

-

367

-

Average
Interest Rate(%)

Repayment Date

Repayment
MethodUse

Abstract

July 19, 2024 or
the first interest
payment date after
the consumption
tax refund date,
whichever is earlier

Bullet(Note 4)

Unsecured andno guarantee

October 31, 2027

Partialamortization(Note 4)

Unsecured andno guarantee

September 6, 2028

Partialamortization(Note 4)

Unsecured andno guarantee

0.81990(Note 3)

March 8, 2031

Partialamortization(Note 4)

Unsecured andno guarantee

1.14759(Note 5)

July 19, 2033

Partialamortization(Note 4)

Unsecured andno guarantee

0.52018

July 19, 2033

Partialamortization(Note 4)

Unsecured andno guarantee(Note 1)0.25188366
1,100Long-term

SBI Shinsei Bank,
LimitedMizuho Bank, Ltd.

1,693

1,627

1,058

1,017

Sumitomo Mitsui
Banking Corporation

1,058

1,017

MUFG Bank, Ltd.

705

678

Resona Bank, Ltd.

1,270

1,220

705

678

1,270

1,220

1,270

1,220

The Oita Bank, Ltd.

635

610

The Shonai Bank, Ltd.

635

610

San ju San Bank, Ltd.

141

135

The Tochigi Bank, Ltd.
SBI Shinsei Bank,
LimitedSumitomo Mitsui
Banking Corporation

635

610

1,286

1,238

1,286

1,238

1,486

1,430

743

715

761

733

Orix Bank Corporation
The Hiroshima Bank,Ltd.
Nanto Bank, Ltd.

Nanto Bank, Ltd.

12th FP

July 19, 2023

-

Total

MUFG Bank, Ltd.

(1) Summary of Expenses

Ending Balance(million yen)

Short-term
Sumitomo Mitsui
Banking Corporation
Mizuho Bank, Ltd.
SBI Shinsei Bank,
LimitedPurposeBeginning
Balance(million yen)

October 31, 2017

September 6,
2018

The Ashikaga Bank, Ltd.
The Hiroshima Bank,Ltd.
SBI Shinsei Bank,
LimitedSumitomo Mitsui
Banking Corporation

380

366

1,186

1,147

1,186

1,147

Mizuho Bank, Ltd.

1,158

1,120

MUFG Bank, Ltd.

1,158

1,120

Sumitomo Mitsui Trust
Bank, Limited

1,158

1,120

Asahi Shinkin Bank

1,805

1,746

The Tottori Bank, Ltd.

1,203

1,164

1,158

1,120

902

873

The Oita Bank, Ltd.

601

582

The Nanto Bank, Ltd.

601

582

The Senshu Ikeda Bank,
Ltd.

601

582

601

582

601

582

429

415

257

249

The Chugoku Bank, Ltd.
The 77 Bank, Ltd.

The Bank of Saga, Ltd.
The Bank of Nagoya,Ltd.
The Fukuho Bank, Ltd.
The Bank of Fukuoka,
Ltd.
Sumitomo Mitsui
Banking Corporation
Mizuho Bank, Ltd.
SBI Shinsei Bank,
Limited
MUFG Bank, Ltd.
Sumitomo Mitsui Trust
Bank, Limited
Sumitomo Mitsui
Banking Corporation
Mizuho Bank, Ltd.
SBI Shinsei Bank,
Limited
MUFG Bank, Ltd.
Sumitomo Mitsui Trust
Bank, Limited
Total

March 8, 2021

July 19, 2023

July 19, 2023

－

1,165

－

1,165

－

1,165

－

1,068

－

1,068

－

1,165

－

1,165

－

1,165

－

1,068

－

1,068

31,643

41,7760.84500(Note 2)

1.04200(Note 2)

(Note 1) Average interest rates are based on actual number of days and weighted average. The number are rounded down.
(Note 2) For the debts with interest rate swap for hedging interest rate risk, the average interest rate incorporates the effect of such interest rate swap.
(Note 3) As from March 29, 2021, for the debts with interest rate swap for hedging interest rate risk, the average interest rate incorporates the effect of such interest rate swap.
(Note 4) The uses of the debt proceeds are the purchase of power plants.
(Note 5) As from August 15, 2023, for the debts with interest rate swap for hedging interest rate risk, the average interest rate incorporates the effect of such interest rate swap.

52

53

Ⅰ. Asset Management Report(3) Valuation of Specified Assets(3) Investment Corporation Bond
Name of Investment
Corporation Bond

Beginningbalance

Issue date(million yen)EndingBalance

Interest
rate (%)(million yen)

Redemption
date

Redemption
methoda. Real Estate (appraisal value)

Purpose

Abstract

Canadian Solar
Infrastructure Investment
Corporation / The 1st
Unsecured Bond

November
6, 2019

1,100

1,100

0.71

November 6,
2024

Bullet(Note)

Unsecuredand noguarantee

Canadian Solar
Infrastructure Investment
Corporation / The 1st
Unsecured Bond (Green
bond)

January 26,
2021

3,800

3,800

0.80

January 26,
2026

Bullet(Note)

Unsecuredand noguarantee

Total

4,900

4,900

PurchaseNameor Sale(4) Short-term Investment Corporation Bond

Not applicable.

July 19,2023

87

87

April 1, 2023

Purchase

CS Shichigashuku-machi

July 19,2023

41

41

April 1, 2023

Power Plant
Purchase

CS Kama-shi Power Plant

July 19,2023

27

27

April 1, 2023

Purchase

CS

July 19,2023

1,520

1,520

April 1, 2023

CS Kasama-shi Dai-san

July 19,2023

711

711

April 1, 2023

Purchase

Power Plant
CS Yamaguchi-shi Power

December 1,2023

60

60

October 1, 2023

Purchaseor SalePurchase

Date

Sales

Amount(in JPY min)

Date

(Note)

S-28
S-29

S-30
S-31

CS Miyakomachi Saigawa
Power Plant
CS Kasama-shi
Dai-san PowerPlant
CS Yamaguchishi Power Plant
Total

Miyako-machi

Purchaseb. Infrastructure AssetCS
Shichigashukumachi Power
Plant
CS Kama-shi
Power Plant

Valuation Date

CS Fukuyama-shi Power
Plant

6. Sales and Purchases during the Period

S-27(Note 2)

Purchase(1) Summary for Sales and Purchases of Infrastructure Assets, Infrastructure-related Assets, Real Estate andAsset-backed Securities

S-26(in JPY min)(Note 1)

Total
2,448
2,448
－
(Note 1) ”Purchase Price” denotes the contracted price for land ownership night or land surface right.
(Note 2) Daiwa Estate Appraisal Co.,Ltd is the appraiser for CS-Fukuyama-shi Power Plant, CS Shichigashuku-machi Power Plant, CS
Kama-shi Power Plant, CS Miyako-machi Saigawa Power Plant and CS Kasama-shi Dai-san Power Plant, and Japan Real Estate
Institute is the appraiser for CS Yamaguchi-shi Power Plant based on the Appraisal of leased land for real estate subject tosecuritization in the Japan Real Estate Appraisal Standards Specifics Chapter 3.

(5) Unit Acquisition Right

CS-Fukuyamashi Power Plant

Appraisal Value(in JPY min)

Plant

Not applicable.

Name

Purchase Price

Saigawa Power Plant(Note) The purpose is repayment of the debt whose maturity is approaching, payment of future acquisition cost of specified assets, payment of repair cost and capital
expenditure, and working capital.

Asset No,

Transaction Date

Amount(in JPY min)Name

Transaction Date

Purchase Price(in JPY min)(Note 1)

Appraisal Value(in JPY min)(Note 2)

Valuation Date

CS Fukuyama-shi Power
July 19, 2023
1,340
1,296~1,402
July 1, 2023
Plant
CS Shichigashuku-machi
July 19, 2023
Purchase
3,240
3,185~3,489
July 1, 2023
Power Plant
Purchase
CS Kama-shi Power Plant
July 19, 2023
586
594~635
July 1, 2023
CS
Miyako-machi
July 19, 2023
Purchase
5,780
5,659~6,222
July 1, 2023
Saigawa Power Plant
CS Kasama-shi Dai-san
July 19, 2023
Purchase
5,840
5,604～6,150
July 1, 2023
Power Plant
CS Yamaguchi-shi Power
December 1,2023
Purchase
230
232～275
October 1, 2023
Plant
Total
17,016
16,571~18,176(Note 1) ”Purchase Price” denotes the contracted price on the purchase agreement (excluding national and local consumption taxes andbrokerage fees etc.).
(Note 2) ”Appraisal Value” includes the appraisal value of the real estate mentioned in “a. Real Estate(appraisal value)”above.
(Note 3) The investigation of the specified asset value etc. is conducted by Grant Thomton Taiyo LLC based on the guideline NO.23
published by JICPA, and the investigstion report has been received.
Purchase

Book Value(in JPY min)Profit/Loss(in JPY min)July 19, 2023

1,340

-

-

-

-

July 19, 2023

3,240

-

-

-

-

July 19, 2023

586

-

-

-

-

July 19, 2023

5,780

-

-

-

-

July 19, 2023

5,840

-

-

-

-

December 1,
2023

230

-

-

-

-

-

17,016----c. OtherAmong transactions conducted by CSIF that require investigation of prices, etc. pursuant to Article 201 of the Investment Trusts Act,
transactions other than those listed in “a. Real Estate (appraisal value)”, “b. Infrastructure Asset”, above, CSIF has entrusted theinvestigation to Grant Thomton Taiyo LLC.
The transaction subject to investigation during the investigation period from July 1, 2023 to December 31, 2023 was one interest rate swap
transaction, and a report from Grant Thomton Taiyo LLC for this transaction has been received.
In addition, during this investigation, CSIF entrusted the investigation into the name of the counterparty, type of currency, contracted interest
rate, transaction period, and other details of the interest rate swap transaction.

(Note)”Amount”is the purchase price based on the purchase contract and excludes costs such as property tax and consumption tax.

(2) Summary for Sales and Purchases of Other Assets
Not applicable.

54

55

Ⅰ. Asset Management Report(4) Transactions with Interested Parties

7. Summary of Accounts

a.Sales and Purchases(1) Summary of Assets, Liabilities, Capital and Income/Loss

Purchase / Sales Amount (Note 2)
Category

Purchase Amount (inJPY thousand)
17,016,000

Total

Please see the balance sheet, statement of income, statement of changes in unitholders’ equity, note and statement of cash distribution.
Please note that the balance sheet, statement of income, statement of changes in unitholders’ equity, note and statement of cash
distribution for the 12th fiscal period are for reference and those are not subject to audit procedures for the 13th fiscal period by certified
public accountant or audit firm under the Article 130 of the Act on Investment Trusts and Investment Corporations.

Sales Amount (inJPY thousand)-

Breakdown of Transactions with Interested Parties(Note 1)CS Yamaguchi Aio Futajima Ni Godo Kaisha

169,100（1.0％）-（-％）

CS Mie Yamada Godo Kaisha
Total

60,900230,000（0.4％）（1.4％）

-

（-％）
（-％）

(2) Change in Calculation Method of Depreciation(Note 1) The definition of “Interested Paties” is depending on the relevant law.

Not applicable.

(3) Change in Valuation Method of Infrastructure Assets and Real Estate
Not applicable.

(4) Company Setting Investment Trust Beneficial Securities(Note 2) The amounts are based on the amount stated in the purchase and sales agreement of the assets.

Not applicable.

b.LeaseLease Income Amount(in JPY thousand) (Note)

Name
Tida Power 01 Godo Kaisha

4,536,863

CS Yamaguchi Aio Futajima Ni Godo Kaisha

1,008(Note) The lease income amount presents the total of the base lease income amount and the performance liked lease income amount in the 13th fiscal period.

c.Commission Paid
The summary of consignment of O&M services to stakeholders of the owing assets in the 13th fiscal period are as following.
Purchase or
Sales

Canadian
Solar O&M
Japan K.K.

Name

8. Other(1) Notification

Commission amount (in JPY thousand) (Note)

CS Shibushi-shi Power Plant

2,146

CS Isa-shi Power Plant

2,104

CS Kasama-shi Power Plant

2,914

CS Isa-shi Dai-ni Power Plant

3,298

CS Yusui-cho Power Plant

2,957

CS Isa-shi Dai-san Power Plant

3,701

CS Kasama-shi Dai-ni Power Plant

2,874

CS Hiji-machi Power Plant

4,217

CS Ashikita-machi Power Plant
CS Minamishimabara-shi Power Plant (East) / CS
Minamishimabara-shi Power Plant (West)
CS Minano-machi Power Plant

3,907

a.Unitholders’ Meeting
Any unitholders' meetings of CSIF were not held in the 13th period.
b.Board of Executives Meeting
Not applicable.

(2) Treatment of Amount and Ratio with Fractional Point

Unless otherwise described, the amounts are rounded down and the ratio are rounded up or down.

5,553
3,957

CS Kannami-cho Power Plant

1,809

CS Mashiki-machi Power Plant

70,274

CS Koriyama-shi Power Plant

967

CS Tsuyama-shi Power Plant

2,943

CS Ena-shi Power Plant

2,972

CS Daisen-cho Power Plant (A) and (B)40,508CS Takayama-shi Power Plant

1,291

CS Misato-machi Power Plant

1,425

CS Marumori-machi Power Plant

3,073

CS Izu-shi Power Plant

13,999CS Ishikari Shinshinotsu-mura Power Plant

3,221

CS Osaki-shi Kejonuma Power Plant

1,593

CS Hiji-machi Dai-ni Power Plant

62,960CS Ogawara-machi Power Plant

12,111

CS-Fukuyama-shi Power Plant

5,762

CS Shichigashuku-machi Power Plant

8,216

CS Miyako-machi Saigawa Power Plant

12,077

CS Kasama-shi Dai-san Power Plant

13,140

CS Yamaguchi-shi Power Plant

173(Note) The commission amount presents the commission amount for each owing asset in the 13th period.

(5) Asset Manager’s Transaction Related to Asset Manager’s Other Business

Asset Manager doesn’t conduct any of the type1 and type2 financial instrument exchange business, real estate transaction businessand specified joint real estate ventures. There was no applicable transaction during the period.

56

57

Ⅱ. Balance Sheet(Unit: thousand yen)

12th Period(June 30, 2023)

12th Period(June 30, 2023)

AssetsCash and bank deposit

4,989,834

5,911,425

Operating accounts receivable

1,035,888

946,740-

337,251

Prepaid expenses

181,049

1,385,163

Other current assets

46,20240,800Total current assets

6,252,975

8,621,381

Fixed Assets
Property and equipment
Structures
Accumulated depreciation
Structures, net

1,064,093

1,074,228(215,001)(236,994)

849,092

837,233

42,495,764

43,317,800

Accumulated depreciation(9,077,413)(9,964,984)

Machinery and equipment, net

33,418,351

33,352,815

Machinery and equipment

Tools, furniture and fixtures

592,466

592,466

Accumulated depreciation(126,616)(138,582)

Tools, furniture and fixtures, net

465,849

453,884

Land

4,505,944

4,570,689

Structures in trust

6,590,138

7,923,918(563,468)(706,649)

Accumulated depreciation
Structures in trust, net

6,026,670

7,217,268

Accumulated depreciation

20,291,246(1,972,524)

33,005,488(2,599,626)

Machinery and equipment in trust, net

18,318,722

30,405,862

Accumulated depreciation

94,418(8,971)

134,095(11,544)

Tools, furniture and fixtures in trust, net

85,447

122,550

Construction in progress in trust

4,769,905
3,751

6,948,625
3,751

Total property and equipment

68,443,734

83,912,681

Machinery and equipment in trust

Tools, furniture and fixtures in trust

Land in trust

Intangible assets
Leasehold rights
SoftwareTotal intangible assets

1,156,923

1,486,690

2,528

2,176

1,159,452

1,488,866

443,268

914,460

10

10Investments and other assets
Long-term prepaid expenses
Investment in capital
Deferred tax assets

72

16

Long-term deposit

15,60023,400

Guarantee deposits

37,79046,909Total investment and other assets

496,741

984,797

70,099,928

86,386,345

Investment corporation bond issuance cost

12,141

9,361

Total deferred assets

12,141

9,361

76,365,045

95,017,088

Total fixed assets

13th Period(December 31, 2023)

Liabilities

Current Assets

Accounts receivable(Unit: thousand yen)

13th Period(December 31, 2023)
Current liabilities
Accounts payable – operating

56,399100,930

Short-term loans payable-

1,100,000

Current portion of investment corporation bond-

1,100,000

2,267,295

2,900,480

Accounts payable – other158,704

233,455

Accrued expenses

120,796111,268

Current portion of long-term loans payable

Income taxes payable
Consumption tax payable
Deposits received
Total current liabilities

848

954

84,60748,654511

16,4242,689,163

5,612,168

Non-current liabilities
Investment corporation bond

4,900,000

3,800,000

Long-term loan payable

29,376,343

38,876,005

Long-term accounts payable - otherTotal non-current liabilities
Total liabilities-

71,21534,276,343

42,747,220

36,965,507

48,359,388

40,631,004

47,953,452

Net assets
Unitholders' equity
Unit holders’ capital
Deduction from unitholders’ capital(2,234,888)(2,681,476)

Unitholders’ capital (net value)

38,396,116

45,271,976

Surplus
Unappropriated retained earnings (Accumulated deficit)

1,003,421

1,385,723

Total surplus

1,003,421

1,385,723

Total unitholders' equity
Total net assets
Total liabilities and net assets

39,399,537※1

39,399,537
76,365,045

46,657,699※1

46,657,699
95,017,088

Deferred Assets

Total Assets

58

59

Ⅲ. Statement of Income

Ⅳ. Statements of Changes in Unitholders’ Equity(Unit: thousand yen)

12th period(from January 1, 2023
to June 30, 2023)

12th Fiscal Period (From January 1, 2023 to June 30, 2023)

13th period(from July 1, 2023
to December 31, 2023)

Unitholders’ equity
Unitholders’ capital

Operating revenues
Rental revenues of renewable energy power generation facilities, etc.

※1

Total operating revenues

3,452,770

4,537,922

3,452,770

4,537,922

Operating expenses
Rental expenses of renewable energy power generation facilities, etc.

Unitholders’capitalBalance as of January
1, 2023

Deduction fromunitholders’capitalSurplus
Unitholders’capital(net)

Capital surplus
or loss

Total surplus

Totalunitholders’equityTotal net assets

40,631,004(1,998,255)

38,632,749

1,213,566

1,213,566

39,846,315

39,846,315

Changes of items
during the period

2,083,424

2,414,802

Asset management fee

108,941

168,639

Distribution inexcess of earnings－(236,633)(236,633)－－(236,633)(236,633)

Administrative service fees

28,87328,023

Dividend of surplus

－

－

－

(1,213,326)(1,213,326)(1,213,326)(1,213,326)

2,400

Net Income
Total changes of
items during theperiodBalance as of June 30,
2023

1,003,182

1,003,182

1,003,182

Director’s compensation
Taxes and duties

※1

2,400
52

3,108

Other operating expenses

72,90573,957

Total operating expenses

2,296,597

2,690,932

1,156,173

1,846,990

Interest income

28

32

Dividends

0

Operating income or loss
Non-operating income

Gain on forfeiture of unclaimed dividends
Insurance income

688

Other non-operating income

301

285

Total non-operating income

57,2101,654Interest expenses

141,496

183,994

Interest on investment corporation bond

18,947

19,262

Amortization of investment corporation bond issuance cost

2,779

2,779

Borrowing-related expenses

37,730213,085

Investment units issuance costs

8,451

42,181-

653

209,406

461,956

Ordinary income

1,003,977

1,386,688

Income before income taxes

1,003,977

1,386,688

Income taxes - current

852

959

Income tax - deferred

(57)

55

Total income taxes
Net income
Retained earnings (deficit) brought forward
Unappropriated retained earnings (Accumulated deficit)－－(236,633)(236,633)(210,144)(210,144)(446,777)(446,777)*1 40,631,004(2,234,888)

38,396,116

1,003,421

1,003,421

39,399,537

39,399,537

794

1,014

1,003,182

1,385,673

239

49

1,003,421

1,385,723(Unit: thousand yen)

Unitholders’ equity
Unitholders’ capital
Unitholders’capitalBalance as of July 1,
2023

Deduction fromunitholders’capitalSurplus
Unitholders’capital(net)

Capital surplus
or loss

Total surplus

Totalunitholders’equityTotal net assets

40,631,004(2,234,888)

38,396,116

1,003,421

1,003,421

39,399,537

39,399,537

7,322,448－

7,322,448－－

7,322,448

7,322,448

Distribution in excessof earnings－(446,587)(446,587)－－(446,587)(446,587)

Dividend of surplus

－

－

－

(1,003,372)(1,003,372)(1,003,372)(1,003,372)

－

－

－

1,385,673

1,385,673

1,385,673

1,385,673

7,322,448(446,587)

6,875,860

382,301

382,301

7,258,161

7,258,161*1 47,953,452(2,681,476)

45,271,976

1,385,723

1,385,723

46,657,699

46,657,699

Changes of items
during the period
Issuance of new
investment units

Non-operating expenses

Total non-operating expenses

－

-

-

Loss on retirement of noncurrent assets－

1,003,182

13th Fiscal Period (From July 1, 2023 to December 31, 2023)

648
56,880

Guarantee commission received

60(Unit: thousand yen)

Net Income
Total changes of
items during theperiodBalance as ofDecember 31, 2023

61

Ⅴ. Notes
Summary of Significant Accounting Policies (from January 1, 2023 to June 30, 2023)
1.Method of depreciation and amortization of
non-current assets(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property andequipment are as shown below:
Structures…………………………………… 22 - 30 years
Machinery and equipment………………… 6 - 25 years
Tools, furniture and fixtures………………… 22 - 25 years
Structures in trust…
24 - 30 years
Machinery and equipment in trust……
24 - 25 years
Tools, furniture and fixtures in
24 - 25 years
trust…………………
(2) Intangible assets
The straight-line method is adopted. In addition, the useful life is as shown below:
Software…………………………………… 5 years(3) Long-term prepaid expenses
The straight-line method is adopted.

2.Method of deferred assets amortization(1) Investment corporation bond issuance cost
The straight-line method over the period until the redemption date is adopted.
(2) Investment units issuance costs
Expensed wholly when incurred.

3.Standards for revenue and expense
recognition

Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax, among other taxes,on the infrastructure assets held, of the tax amount assessed and determined, the amountcorresponding to the calculation period is accounted as rental expenses. In addition,
reimbursement such as fixed assets tax, which is paid to the seller and other persons on theacquisition of infrastructure assets and other assets (“the amount equivalent to the fixed assets
taxes and other taxes”) is not recognized as rental expenses but included in the acquisition cost of
the concerned infrastructure assets and other assets.

4.Method of hedge accounting(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets the requirements for
special treatment.
(2) Hedging instruments and hedged items:･Hedging instruments…Interest rate swap transaction･Hedged items….Interest rate on loans(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s Articles ofIncorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus the evaluationof effectiveness is omitted.

5.Other significant matters serving as thebasis for preparation of financial
statements

Accounting treatment with regard to trust beneficiary interest in real estateWith regards to trust beneficial interest in equipment of renewable energy power plants, allassets and liabilities within entrusted assets as well as all revenue and expense items which occur
to entrusted assets are recorded as the respective account titles on the balance sheet andstatements of income. The following important account titles among the entrusted assets which arerecorded as the respective account titles are separately indicated on the balance sheet:
Structures in trust, Machinery and equipment in trust, Tools, furniture and fixtures in trust, Land intrust, Construction in progress in trust.

Summary of Significant Accounting Policies (from July 1, 2023 to December 31, 2023)
1.Method of depreciation and amortization of
non-current assets

2.Method of deferred assets amortization

62(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property andequipment are as shown below:
Structures…………………………………… 22 - 30 years
Machinery and equipment………………… 6 - 29 years
Tools, furniture and fixtures………………… 22 - 25 years
Structures in trust…
24 - 30 years
Machinery and equipment in trust……
24 - 29 years
Tools, furniture and fixtures in
24 - 29 years
trust…………………
(2) Intangible assets
The straight-line method is adopted. In addition, the useful life is as shown below:
Software…………………………………… 5 years(3) Long-term prepaid expenses
The straight-line method is adopted
Investment corporation bond issuance cost
The straight-line method over the period until the redemption date is adopted.

3.Standards for revenue and expense
recognition

Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax, among other taxes,on the infrastructure assets held, of the tax amount assessed and determined, the amountcorresponding to the calculation period is accounted as rental expenses. In addition,
reimbursement such as fixed assets tax, which is paid to the seller and other persons on theacquisition of infrastructure assets and other assets (“the amount equivalent to the fixed assets
taxes and other taxes”) is not recognized as rental expenses but included in the acquisition cost of
the concerned infrastructure assets and other assets.
The amount equivalent to the fixed assets taxes and other taxes which are included in theacquisition cost of infrastructure assets during the fiscal period under review are 38,285 million yen.

4.Method of hedge accounting(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets the requirements for
special treatment.
(2) Hedging instruments and hedged items:･Hedging instruments…Interest rate swap transaction･Hedged items….Interest rate on loans(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s Articles ofIncorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus the evaluationof effectiveness is omitted.

5.Other significant matters serving as thebasis for preparation of financial
statements

Accounting treatment with regard to trust beneficiary interest in real estateWith regards to trust beneficial interest in equipment of renewable energy power plants, allassets and liabilities within entrusted assets as well as all revenue and expense items which
occur to entrusted assets are recorded as the respective account titles on the balance sheet
and statements of income. The following important account titles among the entrusted assets
which are recorded as the respective account titles are separately indicated on the balance
sheet:
Structures in trust, Machinery and equipment in trust, Tools, furniture and fixtures in trust, Landin trust.

Note to Changes in Presentation Methods(Statement of Income)In the previous fiscal period, “Gain on forfeiture of unclaimed dividends”, which was included in “Other non-operating income” under “Nonoperating income”, is presented separately from this fiscal period because it is expected to occur on a materiality basis.
As a result, “Other non-operating income” at 291 thousand yen under “Non-operating income” has been reclassified to “Gain on forfeiture of
unclaimed dividends” at 291 thousand yen under “Non-operating income” in the statement of incomoe for the previous fiscal period.
(Additonal Information)
Notes to Provision and Reversal of Reserve for Temporary Difference Adjustments
Prior fiscal period (from January 1, 2023 to June 30, 2023)
Not applicable
Current fiscal period (from July 1, 2023 to December 31, 2023)
1.Reasons for occurrence, assets and amount of the reserve
Subject asset

Reason for reserve

Reserve for temporary
difference adjustment

Solar energy facility

Occurrence of excess depreciation for tax purposes
1,807(mainly CS Mashiki-machi Power Plant)(Note) Regarding the depreciation expenses related to the PCS 6th annual inspection parts that were acquired during the current period
and recorded as machinery and equipment mainly at the CS Mashiki-machi Power Plant, there is a tax-accounting discrepancy bertween
the accounting useful life and the statutory useful life for tax purposes on which the calculation was based. In order to reduce the tax
burden due to the tax-accounting discrepancy, CSIF plans to record the amount equivalent to the tax-accounting discrepancy as areserve for temporary difference adjustment and distribute it as a distribution in excess of earnings in the calculation of cash distribution
for the current fiscal year.
2.Specific method of reversal
CSIF plans to reverse the amount to be reveresed upon inclusion of the expenses after passing the useful life on the tax purpose.

63

Ⅴ. Notes
Notes to Balance Sheet*1 Minimum net assets stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations
As of June 30, 2023

Notes to Statements of Changes in Unitholders’ Equity*1 Total number of authorized investment units and the total number of investment units issued and outstanding(Unit: thousand yen)

From January 1, 2023
To June 30, 2023

As of December 31, 2023
50,00050,000Notes to Statement of Income

From July 1, 2023
To December 31, 2023

Total number of authorized investment units

10,000,000 unit

10,000,000 unit

Total number of investment units issued andoutstanding

386,656 unit

451,756 unit

*1 Breakdown of profits and losses from the rental business of renewable energy power generation facilities, etc.
(Unit: thousand yen)

From January 1, 2023
to June 30, 2023

From July 1, 2023
to December 31, 2023

Notes on Tax Effect Accounting
1.Breakdown of deferred tax assets and deferred tax liabilities by major cause

A. Operating revenue from the rental business of renewable energy power
generation facilities, etc.

(Variable rent linked to actual output)(Incidental income)
Total operating revenue from the rental business of renewable energy
power generation facilities, etc.

60

880,587

1,437,806

Total deferred tax assets

72

632

4

50

-

(616)

3,452,770

4,537,922

-

16

72

16

Valuation allowance
Total deferred tax assets
Net amount of deferred tax assets

2.Breakdown of each major item that causes a significant difference between the effective statutory tax rate and the rate of the burden of
corporate tax and other taxes after the application of tax effect accounting
252,922

298,151

29,83530,500(Taxes and duties)

211,913

211,914(Utilities expenses)

7,262

5,574

(Insurance expenses)

58,314

67,406(Depreciation expenses)

1,454,481

1,694,467(Land rent)

62,04496,599(Trust fees)

6,600

10,18849-

2,083,424

2,414,802

1,369,346

2,123,120

C. Profits and losses from the rental business of renewable energy power
generation facilities, etc. (A-B)

16
616

Non-deductible excess depreciation(Repair and maintenance costs)

Total operating expenses from the rental business of renewableenergy power generation facilities, etc.

12

3,100,065

Rental expenses of renewable energy power generation facilities, etc.

(Other rental expenses)

December 31, 2023

Accrued business tax not deductible from taxable income
2,572,178

B. Operating expenses from the rental business of renewable energy power
generation facilities, etc.
(Management entrustment expenses)

Fiscal period ended

June 30, 2023

Rental revenue of renewable energy power generation facilities, etc.
(Basic rent)(Unit: thousand yen)

Fiscal period ended

Fiscal period ended

Fiscal period ended

June 30, 2023

December 31, 2023

Effective statutory tax rate

31.46%

31.46%(Adjustment)
Dividends paid deductible for tax purpose(31.44)%(31.47)%

Others

0.06%

0.09%

Rate of burden of corporate tax and other taxes after the applicationof tax effect accounting

0.08%

0.07%

Notes on Financial Instruments
For the 12th fiscal period (From January 1, 2023 to June 30, 2023)
1. Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions, issuing investment
corporation bond or issuing investment units. The basic policy is to build stable and sound financial operations to maintain andincrease earnings in the medium to long term and grow the size and value of assets(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are exposed tointerest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted through the appropriate balancing of
the loan period and the interest rate type, and diversification of lenders, and the appropriate management of various types ofindexes, especially the general application of the upper limit of the ratio of interest-bearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values are reasonably
calculated. Since certain assumptions are used for the calculation of fair values, they may change if different assumptions are used.
2. Matters relating to fair values of financial instruments
The table below shows the book value and fair values of financial instruments as of June 30, 2023 and the difference between them.
Cash and bank deposit and Operating accounts receivable whose fair values approximate to book values due to cash and being settled
in a short period are not included in the table. Long-term deposit and Guarantee deposits which has little significance is not included in
the table.
(Unit: thousand yen)Book value

Fair value

Difference(1) Current portion of long-term loans payable

2,267,295

2,268,972

1,676(2) Long-term loans payable

29,376,343

29,513,817

137,474(3) Investment corporation bond

4,900,000

4,885,960(14,040)

Total liabilities

36,543,639

36,668,750

125,110－－－(4) Derivative transaction(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities

64

65

Ⅴ. Notes(1) Current portion of long-term loans payable (2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every certain period is applied to loans, and thus
the market value is considered to be close to the book value. Accordingly, the book value is used. In addition, for the long-term loans payable at variable interest
rates subject to the special treatment of interest rate swap (refer to (4) 2. below), the fair value is measured by discounting the total sum of the principal and interest
treated together with the said interest rate swap as one at the interest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(3) Investment corporation bondFair value is based on market value.
(4) Derivative transaction
1. Those to which hedge accounting is not applied
Not applicable.
2. Those to which hedge accounting is applied(Unit : thousand yen)
Method of hedge
accounting
Special treatment ofinterest rate swap

Type of derivativetransactions and othermatters
Interest rate swap transaction
Fixed payment/variable receipt

Major items
hedgedContract amount and other amounts
Fair value

Longer than
one yearLong-termloans payable

31,643,639

29,376,343(Note)

Method ofcalculation of said
market value(1) Long-term loans payable

Longer than three
years, within fouryears

Longer than four
years, within fiveyears

Longer than fiveyears

2,267,295

2,206,896

2,301,459

2,240,050

9,164,997

13,462,939－

1,100,000

3,800,000－－－

2,267,295

3,306,896

6,101,459

2,240,050

9,164,997

13,462,939(2) Investment corporation bond
Total

(Unit: thousand yen)

Longer than two
years, within threeyears

2. Matters relating to fair values of financial instruments
The table below shows the book value and fair values of financial instruments as of December 31, 2023 and the difference between
them. Cash and bank deposit, Operating accounts receivable and Short-term loans payabl whose fair values approximate to bookvalues due to cash and being settled in a short period are not included in the table. Long-term deposit and Guarantee deposits which
has little significance is not included in the table.
Difference(1) Current portion of investment corporationbond(2) Current portion of long-term loans payable

1,100,000

1,097,690(2,310)2,900,480

2,904,388

3,907(3) Long-term loans payable

38,876,005

39,291,685

415,680(4) Investment corporation bond

3,800,000

3,782,520(17,480)

Total liabilities

46,676,485

47,076,283

399,798---(5) Derivative transaction(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of investment corporation bond and (4) Investment corporation bond
The fair value of current portion of investment corporation bond and investment corporation bond are determined based on market prices.
(2) Current portion of long-term loans payable (3) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every certain period is applied to loans, and thus
the market value is considered to be close to the book value. Accordingly, the book value is used. In addition, for the long-term loans payable at variable interest
rates subject to the special treatment of interest rate swap (refer to (5) 2. below), the fair value is measured by discounting the total sum of the principal and interest
treated together with the said interest rate swap as one at the interest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(5) Derivative transaction
1. Those to which hedge accounting is not applied
Not applicable.

66

Long-term loans
payable36,144,664

Longer than
one year

Fair value

Method ofcalculation of said
market value

33,579,958(Note)－(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and the long-termloans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-term loans
payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among other matters” .
(Note 2) Scheduled redemption amount of long-term loans payables and investment corporation bond after the closing date (December 31, 2023)(Unit: thousand yen)

Longer than one
year, within two
years

Longer than fiveyears

Longer than two
years, within threeyears

Longer than three
years, within fouryears

Longer than four
years, within fiveyears

(1) Long-term loans payable

2,900,480

2,935,268

2,882,405

10,249,481

5,669,200(2) Investment corporation bond

1,100,000-

3,800,000---

4,000,480

2,935,268

6,682,405

10,249,481

5,669,200

17,139,648

Total

17,139,648

Notes on Investment and Rental Property
CSIF has renewable energy power generation facilities, etc. The book value change during the period and fair value at the end of theperiod are as shown below.
Fiscal period ended

Fiscal period ended

June 30, 2023

December 31, 2023

Book value (Note 2)
Beginning balance

71,027,800

69,596,907

Change during the period (Note 3)(1,430,893)

15,798,713

Ending balance

69,596,907

85,395,621

Fair value at the end of the period (Note 4)

74,876,000

88,755,000(Note 1) The real estate that CSIF holds is real estate to be provided for the use of renewable energy power generation facilities, and thus with respect to the book value and thefair value, the amount of the renewable energy power generation facilities and real estate are stated together as one.
(Note 2) The book value for the balance sheet is the amount at acquisition cost less the accumulated depreciation.
(Note 3) The change during the period ended June 30, 2023 primarily consisted of the increase due to capital expenditure for photovoltaic power generation facilities (23,588
thousand yen), and the decrease due to depreciation expenses (1,454,481 thousand yen). And the change during the period ended December 31, 2023 primarily
consisted of the inrease due to acquisition of 6 photovoltaic power generation facilities (17,403,921 thousand yen), and the decrease due to depreciation expenses(1,694,467 thousand yen).
(Note 4) The fair value is the total sum of the median amount that we calculated according to Article 41, paragraph 1 of the CSIF's Articles of Incorporation on the basis of theappraised value in the range stated in the valuation report with the date of the value opinion on June 30, 2023 and December 31, 2023, which was obtained fromPricewaterhouseCoopers Sustainability LLC (for S-01 to S-18). And the fair value is the total sum of the median amount on the basis of the appraised value stated in thevaluation report with the date of the value opinion on June 30, 2023 and December 31, 2023, which was obtained from Kroll International Inc (for S-19 to S-30). For theperiod ended June 30, 2023, the fair value which is the total sum of the median amount stated in the valuation report of Kroll International Inc is rounded down to thenearest million yen. The fair value is the total sum of the median amount that we calculated according to Article 41, paragraph 1 of the CSIF's Articles of Incorporation on
the basis of the appraised value in the range stated in the valuation report with the date of the value opinion on December 31, 2023, which was obtained from Japan Real
Estate Institute (for S-31).

In addition, profit and loss from the renewable energy power generation facilities, etc. for the fiscal period ended June 30, 2023 (the 12th
period) and December 31, 2023 (the 13th period) are as stated in the “Notes to statement of income” above.

(Unit: thousand yen)

Fair value

Major items hedged(Unit: thousand yen)

For the 13th fiscal period (From July 1, 2023 to December 31, 2023)
1.Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions, issuing investment
corporation bond or issuing investment units. The basic policy is to build stable and sound financial operations to maintain andincrease earnings in the medium to long term and grow the size and value of assets(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are exposed tointerest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted through the appropriate balancing of
the loan period and the interest rate type, and diversification of lenders, and the appropriate management of various types ofindexes, especially the general application of the upper limit of the ratio of interest-bearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values are reasonably
calculated. Since certain assumptions are used for the calculation of fair values, they may change if different assumptions are used.

Book value

Contract amount and other amounts

Interest rate swap
transaction
Fixed payment/variable
receipt

Within one year

Longer than one
year, within two
years

Within one year

Method of hedge
accounting
Special treatment ofinterest rate swap

(Unit : thousand yen)Type of derivativetransactions and othermatters－(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and the long-termloans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-term loans
payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among other matters” .
(Note 2) Scheduled redemption amounts of loans payables after the closing date (June 30, 2023)

2. Those to which hedge accounting is applied

Notes on Restriction for Asset Management
Not applicable.
Notes on Related Party Transaction
For prior period (from January 1, 2023 to June 30, 2023)
Attribute

Interested
Party of
Asset
Manager

Name

Address

Canadian Solar
O&M Japan
K.K.

50F Shinjuku
Mitsui Bldg.,
Nishi-shinjuku
2-1-1,
Shinjuku-ku,
Tokyo JAPAN

Capital(in JPY
thousand)Business

100,000

Operation and
Maintenance

Number ofUnits Hold
(Held)－

Relationship
Concurrent
Position of
Executive

Business
RelationshipTransactionOutsourcing
Payment
Not
of Operationof O&Mapplicable andFee
MaintenanceTransaction
Amount(in JPY
thousand)Account(Note 1) (Note 2)

252,704

EndingBalance(in JPY
thousand)(Note 1)

Accounts
Payable56,399(Note 1) The amounts exclude consumption taxes.
(Note 2) The condition of transactions are referring to market prices etc.

67

Ⅴ. Notes
For current period (from July 1, 2023 to December 31, 2023)
Attribute

Name

Address

Capital(in JPY
thousand)Affiliate
Company of
Main
Investor

CS Yamaguchi
Aio Futajima Ni
Godo Kaisha

43F Shinjuku
Mitsui Bldg.,
Nishi-shinjuku
2-1-1,
Shinjuku-ku,
Tokyo JAPANAffiliate
Company of
Main
Investor

CS MieYamada Godo
Kaisha43F Shinjuku
Mitsui Bldg.,
Nishi-shinjuku
2-1-1,
Shinjuku-ku,
Tokyo JAPAN0Interested
Party of
Asset
Manager

Canadian Solar
O&M Japan
K.K.

43F Shinjuku
Mitsui Bldg.,
Nishi-shinjuku
2-1-1,
Shinjuku-ku,
Tokyo JAPAN

100,000

0

Business

Number ofUnits Hold
(Held)Development,
acquisition,
construction,
holding andoperation etc. of
renewable
enegy facilities
Development,
acquisition,
construction,
holding andoperation etc. of
renewable
enegy facilities
Operation and
Maintenance

Relationship
Concurrent
Position of
Executive

Business
RelationshipTransacti
onTransaction
Amount(in JPY
thousand)Account(Note 1) (Note 2)

EndingBalance(in JPY
thousand)(Note 1)－

Acquisition
Acquisition ofofphotovoltaic
Notphotovoltai
power
applicablec power
generation
generation
facilities
facilities

169,100－－－

Acquisition of Acquisition
land forof land forNotphotovoltaic photovoltai
applicable powerc power
generation
generation
businessbusiness

60,900－－－Outsourcing
Payment
Not
of Operationof O&Mapplicable andFee
Maintenance296,158

Accounts
Payable100,688(Note 1) The amounts exclude consumption taxes.
(Note 2) The condition of transactions are referring to market prices etc.

Prior fiscal period

Current fiscal period
From July 1, 2023
to December 31, 2023

Net assets per unit
Net income per unit

101,898 yen
2,594 yen

Net income per unit is calculated by dividing net income by theaverage number of investment units during the period.
With respect to diluted profit per unit for the period, there are no
dilutive investment units, and thus the statement is omitted.

Net assets per unit
Net income per unit

103,280 yen
3,111 yen

Net income per unit is calculated by dividing net income by theaverage number of investment units during the period.
With respect to diluted profit per unit for the period, there are no
dilutive investment units, and thus the statement is omitted.

(Note) The basis of calculation of net income (net loss) per unit is as follows.

Net income (Net loss) (Thousand yen)Amount not attributable to common unit holders (Thousand yen)
Net income (Net loss) attributable to Common unit holders (Thousand yen)
Average number of investment units during the period (Units)

Prior fiscal period

Current fiscal period

From January 1, 2023
to June 30, 2023

From July 1, 2023
to December 31, 2023

1,003,182

1,385,673－－

1,003,182

1,385,673

386,656445,353

Notes on Subsequent Event after the Balance Sheet Date
For the 12th fiscal period (From January 1, 2023 to June 30, 2023)(i) Issuance of new investment units
The payment on July 18, 2023 for the issuance of new investment units through public offering and the payment on August 10,
2023 for the new investment units to be issued through third-party allotment have been completed, that were resolved at the boardof directors meeting regarding the issuance of new investment units held on June 30, 2023, as follows. As a result, the total amountof unitholders’ capital is 45,718,564 thousand yen, and the total number of investment units issued and outstanding is 451,756 units
as of the date of issuance of this statement.
(a) Issuance of new investment units through public offering
Number of investment units to
62,000 units
be offered
Issue Price (Offer Price)
117,292 yen per unit
Total Issue Price (Total Offer Price)
7,272,104,000 yen
Amount to be paid in (Issue Value)
112,480 yen per unit
Total amount to be paid in (Total Issue
6,973,760,000 yen
Value)
Payment Date
Tuesday, July 18, 2023
Use of proceed
The net proceeds from the public offering were used for apart of the fund for the acquisition of specified assets
described in (iii) Acquisition of assets, as follows.

68(ii) Borrowing of funds
CSIF completed the borrowing of funds (hereinafter referred to as the “Borrowings”) on July 19, 2023, as followings. The funds
from the Borrowings were used for a part of the fund for the acquisition of specified assets and other related costs described in (iii)
Acquisition of assets, as follows.
Type(Note 1)

Notes on Per Unit Information
From January 1,2023
to June 30, 2023(b) New investment units to be issued through third-party allotment
Number of units to be issued
3,100 units
Amount to be paid in (Issue Value)
112,480 yen per unit
Total amount to be paid in (Total Issue
348,688,000 yen
Value)
AllotteeMizuho Securities Co., Ltd.
Payment dateThursday, August 10, 2023
The proceeds from the issuance of new investment units
Use of proceed
through the third-party allotment shall be reserved as funds
in hand to be allocated to a part of the fund for acquiring thespecified assets (as set forth in Article 2, Paragraph 1 of the
Act on Investment Trusts and Investment Corporations), thatsatisfy the eligibility criteria set forth in the Green Finance
Framework formulated by CSIF in the future or a part of thefund for repaying existing loans.

Lenders

BorrowingAmountSyndicate of lenders
arranged by Sumitomo Mitsui
Banking Corporation, Mizuho¥5,800Bank, Ltd. and SBI Shinsei
Long-term
million
Bank, Limited as arrangers(Note 5)and MUFG Bank, Ltd. and
Sumitomo Mitsui Trust Bank,
Limited as co- arranger

Syndicate of lenders
arranged by Sumitomo Mitsui
Banking Corporation, Mizuho¥5,800Bank, Ltd. and SBI Shinsei
Long-term
million
Bank, Limited as arrangers(Note 5)and MUFG Bank, Ltd. and
Sumitomo Mitsui Trust Bank,
Limited as co-arranger

Short-term

Sumitomo Mitsui Banking
Corporation, Mizuho Bank,
Ltd. and SBI Shinsei Bank,
Limited

¥1,100
million(Note 7)

Interest
Rate(Note 2)

Drawdown DateBorrowing
MethodMaturity Date

Borrowingbased onindividual term
The
Base rate
loan
corresponding
July 19, agreements
plus
date at 10 years
2023 entered into on
0.45%
from the(Note 6)
July 12, 2023
drawdown datewith the lenders
listed in the left
columnBorrowingbased onindividual term
The
Base rate
loan
corresponding
July 19, agreements
plus
date at 10 years
2023 entered into on
0.45%
from the(Note 6)
July 12, 2023
drawdown datewith the lenders
listed in the left
columnBorrowing
The earlier datebased onindividual term of (i) July 19,
Base rate
2024 or (ii) the
loan
July 19, agreementsplus
first interest
2023
0.20%
entered into on payment date
(Note 8)after theJuly 12, 2023
with the lenders consumption tax
listed in the left refund datecolumnRepayme Security /nt Method Guarantee(Note 3) (Note 4)

Unsecured,

Balloonunguarante(Note 5)ed

Unsecured,

Balloonunguarante(Note 5)ed

Unsecured,

Bulletunguarante
ed(Note 1) “Long-term” refers to borrowings that have a period of over one year from the drawdown date to the maturity date and “Short-term” refers to borrowings that have aperiod of less than one year from the drawdown date to the maturity date.
(Note 2) Finance-related costs paid to the lenders are not included.
(Note 3) CSIF can make an early repayment during the period from the drawdown date to the maturity date of all or settlement date of CSIF, such as the total amount ofinterest-bearing liabilities to the total asset value, debt-to-equity ratio and debt service coverage ratios as indicators to determine the ability of CSIF to repay theloan. Breaches of such covenants for 2 successive fiscal periods or an occurrence of an acceleration event could result in being required to grant security interests
in favor of the lenders.
(Note 4) The loan agreements contain restrictive financial covenants, as a condition of the Borrowings, to be applied on each settlement date of CSIF, such as the total
amount of interest-bearing liabilities to the total asset value, debt-to-equity ratio and debt service coverage ratios as indicators to determine the ability of CSIF to
repay the loan. Breaches of such covenants for 2 successive fiscal periods or an occurrence of an acceleration event could result in being required to grantsecurity interests in favor of the lenders.

69

Ⅴ. Notes

Ⅵ. Statement of Cash Distribution(Note 5) The first principal repayment date will be December 31, 2023, and subsequent principal repayment dates will be the last days of June and December (if a principal
repayment date is not a business day, then the payment will be made on the immediately succeeding business day; provided, however, that if such payment day
falls into the following month, then the payment will be made on the immediately preceding business day) and the remaining principal on the maturity date will be
repaid in a single installment (balloon amortization). The rate of capital redemption planned on December 31, 2023 is 2.90% of the Borrowing Amount if the loan
takes the balloon payment method.
(Note 6) The applicable base rate for each interest calculation period (being 3 months, excluding the first and last interest period) for the calculation of the interest payable
on the interest payment date will be the 3 month Japanese yen TIBOR (Tokyo Interbank Offered Rate) announced by the General Incorporated Association JBA(Japanese Bankers Association) TIBOR Administration on the 2nd business day prior to the drawdown date for the first interest calculation period and on the 2nd
business day prior to the beginning of each relevant interest calculation period thereafter. The applicable base rate will be revised for each interest period.
However, if a corresponding base rate is not available for an interest calculation period, the base rate will be calculated using the method agreed in the relevantloan agreement. Fluctuations in JBA’s TIBOR can be checked at the General Incorporated Association JBA TIBOR Administration’s website(https://www.jbatibor.or.jp/rate/).
(Note 7) Bridge Loan for Consumption Tax Payment is used to pay consumption tax, and it is to be repaid by the tax refund.
(Note 8) The applicable base rate for each interest calculation period (being 1 month, excluding the first and last interest period) for the calculation of the interest payable
on the interest payment date will be the 1 month Japanese yen TIBOR (Tokyo Interbank Offered Rate) announced by the General Incorporated Association JBA(Japanese Bankers Association) TIBOR Administration on the 2nd business day prior to the drawdown date for the first interest calculation period and on the 2nd
business day prior to the beginning of each relevant interest calculation period thereafter. The applicable base rate will be revised for each interest period.
However, if a corresponding base rate is not available for an interest calculation period, the base rate will be calculated using the method agreed in the relevantloan agreement. Fluctuations in JBA’s TIBOR can be checked at the General Incorporated Association JBA TIBOR Administration’s website(https://www.jbatibor.or.jp/rate/).

(iii) Acquisition of assets
CSIF acquired the following solar energy facilities, etc. on July 19, 2023.
Asset
Project namenumber(Note 1)
S-26

CS Fukuyama-shi Power Plant

S-27

CS Shichikashukumachi Power Plant(Note 3)

Location(Note 2)Acquisition price(million)

Fukuyama-shi, Hiroshima

1,340

Shichigashuku-machi, Katta-gun,
Miyagi

3,240

S-28

CS Kama-shi Power Plant

Kama-shi, Fukuoka

586

S-29

CS Miyako-machi Saigawa Power Plant(Note 4)

Miyako-machi, Kyoto-gun,
Fukuoka

5,780

S-30

CS Kasama-shi Dai-san Power Plant

Kasama-shi, Ibaraki

5,840

Total

-

16,786(Note 1) Asset numbers are assigned to the projects, based on the classification of the renewable energy power generation facility. ‘S’ denotes a solar
energy project.
(Note 2) Based on the land or parcel of land upon which the solar energy facility is located, as described in the property registry. The address is
described down to the city or district level.
(Note 3) With respect to CS Shichikashuku-machi Power Plant, CSIF paid 345,173,638 yen, which is equivalent to the land rent after July 1, 2023, thefirst day on which the income and expenses of the property vest in CSIF, to the seller in settlement of the amount paid as advance land rent
under the agreement for the establishment of surface rights to which the seller is a party, in addition to the anticipated acquisition price.
(Note 4) CS Miyako-machi Saigawa Power Plant is a solar power generation facility consisting of CS Miyako-machi No. 1 Power Plant, CS Miyakomachi No. 2 Power Plant, CS Miyako-machi No. 3 Power Plant, CS Miyako-machi No. 4 Power Plant, CS Miyako-machi No. 9 Power Plant
and CS Miyako-machi No. 10 Power Plant, each of which is independently certified as a facility under the pre-revision Act of 2016 on Special
Measures Concerning Procurement of Renewable Energy Electricity by Electric Utilities Article 6, Paragraph 1 (Law No. 108 of 2011, including
subsequent amendments) (hereinafter referred to as the "Renewable Energy Special Measures Act"), and is managed as a single solar energy
facility.

For the 13th fiscal period (From July 1, 2023 to December 31, 2023)
Not applicable.
Notes on Revenue Recognition
Not applicable.

70

I Unappropriated retained earnings (accumulated
deficit)
II Distributions in excess of retained earnings
Provision for temporary difference adjustments
Deduction from unitholders’ capital
III Cash distributions(Cash distributions per unit)
Profit distributions(Profit distributions per unit)
Provision for temporary difference adjustments(Distributions in excess of retained earnings perunit (for provision for temporary difference
adjustments))
Distributions in excess of retained earnings(Distributions in excess of retained earnings)
IV Retained earnings (deficit) carried forward
Calculation method for cash distributions

Fiscal Period under Review

Fiscal Period under Review(From January 1, 2023
to June 30, 2023)(From July 1, 2023
to December 31, 2023)

1,003,421,642 Yen

1,385,723,092 Yen

446,587,680 Yen
1,449,960,000 Yen(3,750) Yen
1,003,372,320 Yen(2,595) Yen-

1,807,024 Yen
306,742,324 Yen
1,694,085,000 Yen(3,750) Yen
1,385,535,652 Yen(3,067) Yen
1,807,024 Yen-(4) Yen446,587,680 Yen(1,155) Yen
49,322 Yen
In accordance with Articles 47, Paragraph
1 of Canadian Solar Infrastructure Fund, Inc.
(“CSIF’) s Articles of Incorporation, theamount of cash distributions shall be theamount of profit in excess of an amountequivalent to 90% of distributable profits, as
stipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation.
Based on this policy, CSIF decided to make
distributions of ¥1,003,372,320 which is theentire amount equivalent to theunappropriated retained earnings for the
fiscal period under review of ¥1,003,421,642
excluding fractions of the distribution per unitthat are less than ¥1.
CSIF distributes cash in excess ofretained earnings every fiscal period basedon the cash distribution policy prescribed in
Article 47, Paragraph 2 of CSIF’s Articles ofIncorporation. Based on this policy, CSIF
decided to make cash distributions in excessof earnings (return of capital categorized asa distribution of the reduction in capital for
Japanese tax purposes) in the amount of¥446,587,680 which is equivalent to 30.7%of the amount of depreciation expenses
recorded for the fiscal period under review of¥1,454,833,616.
Accordingly, the distribution per unit is¥3,750.

306,742,324 Yen(679) Yen
187,440 Yen
In accordance with Articles 47, Paragraph
1 of Canadian Solar Infrastructure Fund, Inc.
(“CSIF’) s Articles of Incorporation, theamount of cash distributions shall be theamount of profit in excess of an amountequivalent to 90% of distributable profits, as
stipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation.
Based on this policy, CSIF decided to make
distributions of ¥1,385,535,652 which is theentire amount equivalent to theunappropriated retained earnings for the
fiscal period under review of ¥1,385,723,092
excluding fractions of the distribution per unitthat are less than ¥1.
CSIF distributes cash in excess ofretained earnings every fiscal period basedon the cash distribution policy prescribed in
Article 47, Paragraph 2 of CSIF’s Articles ofIncorporation. Based on this policy, CSIF
decided to make cash distributions in excessof earnings (return of capital categorized asa distribution of the reduction in capital for
Japanese tax purposes) in the amount of¥306,742,324 which is equivalent to 18.1%of the amount of depreciation expenses
recorded for the fiscal period under review of¥1,694,819,934.
And CSIF decided to make cash
distributions in excess of earnings (notreturn of capital categorized as a distributionof the reduction in capital for Japanese tax
purposes) in the amount of ¥1,807,024
equivalent to provision for temporary
difference adjustments.
Accordingly, the distribution per unit is¥3,750.

(Note) Distributions in excess of retained earnings per unit will generally be based on the cash distribution policy prescribed in CSIF’s Articles of Incorporation and the AssetManager’s asset management guideline.
CSIF intends to make cash distributions of NCF within the FCF generated from the renewable energy power generation facilities. The amount available for distribution shallbe calculated by multiplying NCF by the payout ratio.
Further, CSIF intends to make distributions in excess of retained earnings for each fiscal period in order to realize such policy.
CSIF’s forecasts (including revised forecasts) for each fiscal period are based on the assumption of the Forecast Power Generation (P50) provided in the independent
technical report which is used as a basis for calculating rents for renewable energy power generation facilities and if actual NCF calculated based on actual power
generation during the applicable fiscal period exceeds forecast NCF, CSIF’s policy is to set “forecast NCF multiplied by the payout ratio” as the upper limit of the amount ofcash distributions for the applicable fiscal period.
On the other hand, if actual NCF is less than forecast NCF, CSIF’s policy is to set “actual NCF multiplied by the payout ratio” as the amount of cash distributions for theapplicable fiscal period.
Based on this policy, CSIF decided to make distributions for the previous fiscal period of ¥1,449,960,000 which is equivalent to 76.4% of forecast NCF amount for the fiscal
period under review of ¥1,898,513,782. Of this, ¥446,587,680 which is the amount less of distributions of profit of ¥1,003,372,320 is distributions in excess of retained
earnings.
Based on this policy, CSIF decided to make distributions for the current fiscal period of ¥1,694,085,000 which is equivalent to 91.6% of forecast NCF amount for the fiscal
period under review of ¥1,850,262,805. Of this, ¥308,549,348 which is the amount less of distributions of profit of ¥1,385,535,652 is distributions in excess of retained
earnings.

71

Ⅶ. Statement of Cash Flow(unit: thousand yen)

12th period

13th period(From January 1, 2023
to June 30, 2023)(From July 1, 2023
to December 31, 2023)

Scope of funds in statement of cash
flows

Cash flows from operating activities
Income (Loss) before income taxes

1,003,977

1,386,688

Depreciation cost

1,454,833

1,694,819-

42,181

2,779

2,779

Investment unit issuance costs
Amortization of investment corporation bond issuance expenses
Interest income and dividends

(28)

(32)

160,444

203,256

Gain on forfeitute of unclaimed dividends

(291)

(648)

Loss on retirement of noncurrent assets-

653(236,915)

89,148Interest expenses

Decrease (Increase) in operating accounts receivable
Decrease (Increase) in account receivable
Decrease (Increase) in consumption taxes receivable
Decrease (Increase) in consumption taxes payable

13,141--(1,385,163)

7,645(36,052)

Decrease (Increase) in prepaid expenses

81,659(156,202)

Decrease (Increase) in long-term prepaid expenses

38,533(471,191)

Increase (Decrease) in operating accounts payable(35,111)49,334

Increase (Decrease) in accounts payable - other
Increase (Decrease) in accrued expenses(45)

80,147(1,784)(11,970)

Other, net

12,512

21,315Sub-total

2,501,351

1,509,064

Interest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities

Summary of Significant Accounting Policies

28

32(161,410)(200,814)

(918)

(853)

2,339,051

1,307,428

From January 1, 2023
To June 30, 2023

From July 1, 2023
To December 31, 2023

Funds (cash and cash equivalents) in statement ofcash flows consist of cash on hand, demand
deposits and short-term investments with amaturity of three months or less at the date ofacquisition that can readily be converted into cash
and that are subject to insignificant risks ofchanges in value.

Funds (cash and cash equivalents) in statement ofcash flows consist of cash on hand, demand
deposits and short-term investments with amaturity of three months or less at the date ofacquisition that can readily be converted into cash
and that are subject to insignificant risks ofchanges in value.

Notes to Statement of Cash Flows*1 Relationship between the ending balance of cash and cash equivalents and the amounts on the balance sheet
From January 1, 2023
To June 30, 2023
*1 Relationship between the ending balance of cash and cash
equivalents and the amounts on the balance sheet(as of June 30, 2023)

From July 1, 2023
To December 31, 2023
*1 Relationship between the ending balance of cash and cash
equivalents and the amounts on the balance sheet(as of December 31, 2023)

Cash and deposits
Term deposits over three months
Cash and cash equivalents

Cash and deposits
Term deposits over three months
Cash and cash equivalents(unit: thousand yen)

4,989,834
4,989,834(unit: thousand yen)

5,911,425
5,911,425

Cash flows from investing activities
Payments into fixed deposits
Purchases of property and equipment
Purchases of intangible assets
Payments of guarantee deposits
Net cash provided by (used in) investing activities-(7,800)(25,465)(17,168,817)(654)(254,802)-(9,119)(26,119)(17,440,539)

Cash flows from financing activities
Proceeds from short-term loans payable-

1,100,000

Proceeds from long-term loans payable-

11,600,000

Repayment of long-term loans payable(1,144,681)(1,467,153)

Proceeds from issuance of investment units-

7,322,448

Payments of investment unit issuance costs-(50,632)(1,213,326)(1,003,372)

Dividends paid
Surplus earning distribution paid
Net cash provided by (used in) financing activities(236,633)(446,587)(2,594,641)

17,054,702

Net increase (decrease) in cash and cash equivalents(281,710)

921,591

Cash and cash equivalents at the beginning of the fiscal period

5,271,544

4,989,834

Cash and cash equivalents at the end of the fiscal period※14,989,834※1

5,911,425(Note) The statement of cash flow is prepared based on the "Regulations Concerning Terminology, Forms, and Preparation Methods of Financial Statements" (Ministry of FinanceRegulation No.59, 1963) and attached as the reference information. This statement of cash flow is not subject to the financial audit by an accounting auditor according to the
Article 130 in the Act on Investment Trusts and Investment Corporations and so it has not undergone an accounting audit by an accounting auditor.

72

73